JOURNAL POST. REF. DATE DESCRIPTION DEBIT CREDIT 1 2 4 10 10 11 12 13 13 14 15 16 17 17 18 19 20
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
State income tax ....................................................................... 22% of the federal income tax withholding
Federal
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
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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