Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. barbara muller services (bms) pays its employees m

Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for...

80.2K

Verified Solution

Question

Accounting

Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for January 2016, the first month of BMS's fiscal year.

Salaries $80,000

Federal income taxes to be withheld 16,000

Federal unemployment tax rate 0.80%

State unemployment tax rate (after FUTA deduction) 5.40%

Social security tax rate 6.2%

Medicare tax rate 1.45% T

he journal entry to record payroll for the January 2016 pay period will include a debit to payroll tax expense of:

A. $6,120. B. $4,960. C. $11,080. D. $57,880.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

Salt-free diets are often prescribed to people with high blood pressure. The following data values were...

Finance
1.2K views

Consider the following information on Huntington Power Co. Debt: 4,000, 7% semiannual coupon bonds outstanding, $1,000...

Advance Math
1.2K views

A helicopter makes a force landing at sea. The last radio signal received at station C...

Biology
1.2K views

Which of the following is NOT a well known type of RNA A aIRNA B...

Calculus
1.2K views

A exponential function is of the form f x a b c If the graph...

Accounting
1.2K views

On January 1, year 1, ABC Corp. purchased all of DEF Corp.'s common stock for...

Accounting
1.2K views

A lawyer collected $710 of legal fees in advance. He erroneously debited Cash for $170...

Accounting
1.2K views

Question 5 (6 point Mountain Corporation's inventory records showed the windst foran et The company...

Accounting
1.2K views

In a given period, budgeted purchases are not necessarily the same as budgeted cash payments...

Accounting
1.2K views

Problem 9-05A al-c (Video) At December 31, 2020, Metlock, Inc. reported the following as plant...

Finance
1.2K views

Lakonishok Equipment has an investment opportunity in Europe. The project costs 14 million and is...

Accounting
1.2K views

The sale of computer equipment used in a trade or business for 9 months results...