Question: im confused on how to do these 3 problems? BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its Exercise 95 employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and Computing payroll taxes SUTA taxes are 5.4% of the first $7,000 paid to its employee. Compute BMX's amounts for each of these P2 P3 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. Check (a) FUTA $3.60; SUTA. $3240 Using the data in situation (a) of Exercise 9.5, prepare the employer's September 30 journal entries to Exercise 9.6 record salary expense and its related payroll liabilities for this employee. The employee's federal income Payroll-related journal taxes withheld by the employer are $80 for this pay period. Round amounts to cents. entries P2 Using the data in situation (a) of Exercise 9-5, prepare the employer's September 30 journal entries to Exercise 9-7 record the employer's payroll taxes expense and its related liabilities. Round amounts to cents. Payroll-related journal entries P3
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