Chapter Eleven Homework 6 Help Save & E Saved Chech 3 9 0 Required information P
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Question
Chapter Eleven Homework 6 Help Save & E Saved Chech 3 9 0 Required information Part 2 of 2 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 62% ofthe first St 500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 06% and SUTA taxes are 29% of the first $7000 paid to its employee. 10 points Gross Pay through August s 5,100 Gross Pay for September 52,200 2,700 8,600 eBook 18,880 112,800 b. P Exercise 11-7 Payroll-related journal entries LO P3 Assuming situation a, prepare the employers September 30 journal entries to record the employer's Referencesr related liabilities. (Round your answers to 2 decimal places.) September earnings subject to tax Tax Rate Tax Amount Employer Peyroll taxesS 1 45% 2 90% UTA C PrExplanation / Answer
Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount FICA-Social Security $2,200 6.20% $136.40 FICA-Medicare $2,200 1.45% $31.90 FUTA 1900 0.60% $11.40 SUTA 1900 2.90% $55.10 Total Payroll Taxes Expense 234.8 Date General Journal Debit Credit Sep. 30 Payroll taxes expense 234.8 FICA—Social security taxes payable $136.40 FICA—Medicare taxes payable $31.90 Federal unemployment taxes payable $11.40 State unemployment taxes payable $55.10