Question

Required information The following information applies to the questions displayed below.) BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September $ $ 6,400 2,000 120.900 800 2. 100 8,000 c. Assuming situation a, prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities

Answer 1

Answer- Employer payroll taxes September Carning st totex Tap Tad amount FICA - Social security 6. 2 49.6 FICA - Medicare 1,451. 11.6 FUTA 3.1% 31 FUTA 9.9.1. Total payroll taxe Expose >191.2 De T September 30 Coredit Debit 121.2 A ccount tittle & Suplar | Payroll taxes expense FICA - Social sec, faces popote FICA-— Medicare taxes payable Federal cinemployment faxes Payable Statel unemployment fares papallon (to second payroll taxes)