Question: please help finish question 1. and solve the others 1. 2. thank you Required information Use the following information for the Exercises below. [The following



Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below) BMX Company has one employee, FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 145% of gross pay. For BMX, its FUTA taxes are 06% and SUTA taxes are 54% of the first $7,000 paid to its employee Gross Pay through Gross Pay for August 31 $6,600 2.100 122, 300 September $ 500 2200 e,200 Exercise 11-5 Computing payroll taxes LO P2, P3 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).(6), and ((Round your answers to 2 decimal places.) Tax FICA-Social Security FICA Medicare FUTA SUTA D September Earnings Subject to Tax S 500.00 500 001 400.00 400.00 Tax Rato Tax Amount 6. 20% 5 3100 1.45% 725 0 60% 2.40 5.40% 21.60 September Earnings Subject to Tax 2.200.00 FICA Social Security FICA-Medicare FUTA SUTA 2.200.00 2.200.00 2,200.00 Tax Rate Tax Amount 6.20% 5 136 40 1.45% 3190 0,60% 13.20 5.40% 118.80 September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Securty FICA Medicare FUTA SUTA 1.45% 118.90 8,200.00 0 0 Exercise 11-6 Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be General Withheld From Journal Gross Pay The employee's federal income taxes withheld by the employer are $80 for this pay period. Compute the taxes to be withheld from gross pay for this employee (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee Paid Taxes) September Earnings Tax Rate Tax Amount Subject to Tax Federal income tax $ 80.00 THCA-Social Security FICA Medicare tas telecal trono way General Journal > Complete this question by entering your answers in the tabs below. Taxes to be Withheld From General Gross Pay Journal The employee's federal income taxes withheld by the employer are $80 for this pay period. Prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
