BMX Company has one employee.ACA Social Security taxes are 6.2% of the first $11

Question

BMX Company has one employee.ACA 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 Gross Pay for September $1,500 3,600 9,500 through August $ 6,000 19,700 113,700 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 $70 for this pay period. (Round your answers to 2 decimal places.)

Explanation / Answer

No. Date General Journal Debit Credit 1 30-Sep Salaries Expense $1,500 FICA - Social sec. taxes payable $93 FICA - Medicare taxes payable $21.75 Employee fed. Inc. taxes payable $70 Salaries payable $1,315.25 (To record salaries expense)

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