Use the following information for the Exercises below. (Algo) [The following information applies to the...
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Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] 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. Exercise 9-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Assuming situation (a), compute the payroll taxes expense. Note: Pound your answers to 2 decimal places. Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liab Note: 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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