6-7A.LO2,3 payroll accounting by Beig and Toland Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax-OASDI...........6.2% on first $128,400 FICA tax-HI..........1.45% on total pay Federal income tax....$232.00 per pay SIT.....22%of the federal income tax withholding FUTA.....0.6% on first $7,000 SUTA.....0.05% on first 14,000 Additional payroll deductions include: 401k plan....3%per pay Child support garnishment......$100 Health insurance premium...$95 per pay Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year-to-date pay is $31,500)
6-7A.LO2,3 payroll accounting by Beig and Toland
Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week.
Additional tax information includes:
FICA tax-OASDI...........6.2% on first $128,400
FICA tax-HI..........1.45% on total pay
Federal income tax....$232.00 per pay
SIT.....22%of the federal income tax withholding
FUTA.....0.6% on first $7,000
SUTA.....0.05% on first 14,000
Additional payroll deductions include:
401k plan....3%per pay
Child support garnishment......$100
Health insurance premium...$95 per pay
Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year-to-date pay is $31,500)
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