Question

Using the data in situation a of Exercise, prepare the employer’s September 30 journal entries to record the employer’s payroll taxes expense and its related liabilities. (Round amounts to cents.)
In exercise BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $117,000 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Compute BMX’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each of three separate situations (a), (b), and (c). (Round amounts to cents.)


$1.99
Sales3
Views494
Comments0
  • CreatedApril 23, 2015
  • Files Included
Post your question
5000