BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700...
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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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 5.4% of the first $7,000 paid to its employee.
Assuming situation (a), prepare the employers September 30 journal entry to record the employers payroll taxes expense and its related liabilities.
Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 Payroll Taxes Expense Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. (Round your answers to 2 decimal places.) Journal entry worksheet Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits
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