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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 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.

Gross Pay through
August 31		 Gross Pay for
September
a. $ 6,400 $ 800
b. 2,000 2,100
c. 122,100 8,000

Assuming situation (a), prepare the employer’s September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $80 for this pay period.

Assuming situation (a), prepare the employer’s September 30 journal entries to record the employer’s payroll taxes expense and its related liabilities.

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Answer #1

Journal for scenario (a) - Salary Expense Expenses

Journal for scenario (a) - Payroll Taxes Expense

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