Business
Business, 12.08.2020 07:01, Kdub4evaa

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

Required:
Prepare the employer’s September 30 journal entries to record salary expense and its related payroll liabilities for this employee.

answer
Answers: 2

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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its...

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