Business, 05.05.2020 17:15, isaacbryan2416
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 Gross Pay for September
a. $ 6,400 $ 800
b. $ 18,200 $ 2,100
c. $ 112,200 $ 8,000
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), (b), and (c). (Round your answers to 2 decimal places.)
a.)
Tax September Earnings Subject to Tax Tax Rate Tax Amount
FICA-Social Security
FICA-Medicare
FUTA
SUTA
b.)
Tax September Earnings Subject to Tax Tax Rate Tax Amount
FICA-Social Security
FICA-Medicare
FUTA
SUTA
c.)
Tax September Earnings Subject to Tax Tax Rate Tax Amount
FICA-Social Security
FICA-Medicare
FUTA
SUTA
d.) 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 Rate Tax Amount
Federal income tax
Total:
e. Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee.
DATE GENERAL JOURNAL DEBIT CREDIT
Sep 30
f.) 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 decimal places.)
Employer Payroll Taxes September earnings subject to tax Tax Rate Tax Amount
Total:
g.)
DATE GENERAL JOURNAL DEBIT CREDIT
Sep 30
Answers: 1
Business, 22.06.2019 12:50, sunshine0613
Explain whether each of the following events increases or decreases the money supply. a. the fed buys bonds in open-market operations. b. the fed reduces the reserve requirement. c. the fed increases the interest rate it pays on reserves. d. citibank repays a loan it had previously taken from the fed. e. after a rash of pickpocketing, people decide to hold less currency. f. fearful of bank runs, bankers decide to hold more excess reserves. g. the fomc increases its target for the federal funds rate.
Answers: 3
Business, 22.06.2019 19:50, Salas1333
Which of the following would create the most money? the initial deposit is $6,500 and the required reserve ratio is 20 percent. the initial deposit is $3,000 and the required reserve ratio is 10 percent. the initial deposit is $7,500 and the required reserve ratio is 25 percent. the initial deposit is $4,500 and the required reserve ratio is 15 percent.
Answers: 1
Business, 22.06.2019 20:00, davidaagurto
If a hotel has 100 rooms, and each room takes 25 minutes to clean, how many housekeepers working 8-hour shifts does the hotel need at 50 percent occupancy?
Answers: 1
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its...
Physics, 23.09.2019 09:30
World Languages, 23.09.2019 09:30