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BMX Company has one employee. FICA Social Security taxes are 6,20% of the first $118,500...

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Accounting

BMX Company has one employee. FICA Social Security taxes are 6,20% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. Federal income tax is withheld at a 25.0% rate and state income tax is withheld at a 6.5% rate. For BMX, FUTA taxes are 0.60% and SUTA taxes are 2.90% of the first $7,000 paid to its employee.
Gross pay through August
$103,000
Gross pay through September
$20,800
A. Prepare BMX Companys September 30 journal entry to record the employers payroll taxes expense and its related liabilities. (Round your answers to 2 decimal places).
B. Prepare BMX Companys September 30 journal entry to record salary expense and its related payroll liabilities for its employee. (Round your answers to 2 decimal places).

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