Required information [The following information applies to the questions display

Question

Required information [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, 400 Gross Pay for September $ 800 2,100 8, 000 18, 200 112, 200 Assuming situation a, prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. (Round your answers to 2 declmal places.) eptember ea Employer Payroll taxes Tax Rate Tax Amount subject to tax 49.60 6.20%) 2.90% 0.60% 1.45% Total Payroll Taxes Expense ICA-Social Security 800.00 $ SUTA UTA FICA-Medicare 49.60

Explanation / Answer

Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Tax Amount Federal income tax $80.00 FICA—Social Security $800.00 6.20% $49.60 FICA—Medicare 800 1.45% $11.60 Total taxes withheld 141.2 Date General Journal Debit Credit 30-Sep Salaries expense 800 FICA—Social Security taxes payable 49.6 FICA—Medicare taxes payable 11.6 Employee federal income taxes payable 80 Salaries payable 658.8

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