Carmen Santos is owner and sole employee of CS Corporation. He pays himself a salary of $2,400 this week. Additional tax information includes:     FICA tax—OASDI 6.2% on first $132,900   FICA tax—HI 1.45% on total pay   Federal income tax $532.00 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 $125 per pay   Health insurance premium $110 per pay

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Carmen Santos is owner and sole employee of CS Corporation. He pays himself a salary of $2,400 this week.

Additional tax information includes:  
  FICA tax—OASDI 6.2% on first $132,900
  FICA tax—HI 1.45% on total pay
  Federal income tax $532.00 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 $125 per pay
  Health insurance premium $110 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 $51,500).
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
Cash
FUTA Taxes Payable
Health Insurance Premiums Payable
Payroll Taxes
Wages Expense
Payroll taxes
Transcribed Image Text: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 $51,500). 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 Cash FUTA Taxes Payable Health Insurance Premiums Payable Payroll Taxes Wages Expense Payroll taxes
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