Question: 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
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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 $118,500 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. Gross Pay through August $ 6,600 Gross Pay for September $ 500 b. 18,4ee 2,300 112,400 8,200 Exercise 9-6 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. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Amount Tax Rate 80.00 Federal income tax 1.45% View transaction list Journal entry worksheet 1 Prepare the employer's September 30 journal entry to record the accrued salary expense and its related payroll liabilities for this employee. Note: Enter debits before credits. Date General Journal Debit Credit Sep 30 Record entry Clear entry View general journal
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