742.88 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: 6.2% on first $132,900 FICA tax-OASDI FICA tax-HỊ 1.45% on total pay Federal income tax $232.00 per pay State income tax 22% of the federal income tax withholding Federal unemployment tax 0.6% on first $7,000 State unemployment tax 0.05% on first $14,000 Additional payroll deductions include: 401(k) plan 3% per pay Child support garnishment $100 per pay Health insurance premium $95 per pay Payment of Wages and Payroll Taxes 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). If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Account Debit Credit Payment of wages Wages Expense FICA Taxes Payable-OASDI FICA Taxes Payable-HI Emplovees FIT Pavable Check MuH
742.88 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: 6.2% on first $132,900 FICA tax-OASDI FICA tax-HỊ 1.45% on total pay Federal income tax $232.00 per pay State income tax 22% of the federal income tax withholding Federal unemployment tax 0.6% on first $7,000 State unemployment tax 0.05% on first $14,000 Additional payroll deductions include: 401(k) plan 3% per pay Child support garnishment $100 per pay Health insurance premium $95 per pay Payment of Wages and Payroll Taxes 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). If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Account Debit Credit Payment of wages Wages Expense FICA Taxes Payable-OASDI FICA Taxes Payable-HI Emplovees FIT Pavable Check MuH
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:359.06
148.58
FUTA Taxes Payable
742.88
SUTA Taxes Payable
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 $132,900
1.45% on total pay
FICA tax-HI
Federal income tax
$232.00 per pay
State income tax
22% of the federal income tax withholding
Federal unermployment tax
0.6% on first $7,000
State unemployment tax
0.05% on first $14,000
Additional payroll deductions include:
401(k) plan
3% per pay
Child support garnishment
$100 per pay
Health insurance premium
$95 per pay
Payment of Wages and Payroll Taxes
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).
If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.
Account
Debit
Credit
Payment of vages Wages Expense
FICA Taxes Payable-OASDI
FICA Taxes Payable-HI
Emplovees FIT Pavable
ems
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