Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,300 each week. Additional tax information includes:       FICA tax—OASDI   6.2% on first $137,700   FICA tax—HI   1.45% on total pay   Federal income tax   $195.00 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   $105 per pay   Health insurance premium   $90 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 $27,300). If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent

Q: Federal Income Tax Withholding Bob Avery's weekly gross earnings for the present week were $2,390.…

A: The applicable wages for tax withholding is the difference of the gross earnings and the exemption…

Q: Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700…

A: Tax represents the liability that is reported in the balance sheet of the company.

Q: Journalize payroll tax The payroll register of Heritage Co. indicates $2,406 of social security…

A: Payroll tax expense = Social Security taxes payable+ Medicare taxes payable+ State unemployment- tax…

Q: Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $147,000…

A: The official term for Social Security income benefits is the Old Age, Survivors, and Disability…

Q: 2 Complete the following table for weekly wages, using the All employees have been employed for over…

A: Gross Wages Gross wages refer to an employee's total pay before taxes and other mandatory and…

Q: Problem Information Use the following tax rates, ceiling and maximum taxes: Employee and Employer…

A: Given:employer and employee limit for OASDI is $ 147,000Raiston will make $79700 net earning OASDI…

Q: K Stone's gross pay for the week is $1,300. Stone's year-to-date pay is under the limit for OASDI.…

A: Payroll Tax: Any tax that is deducted from, assessed on, or levied against an employer's salary is…

Q: During 20--, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Dixon Sales has five sales employees that receive weekly paychecks. Each employee earns $16.00 per…

A: Lets understand the basics.Journal entry is required to record for recording each of event and…

Q: Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal…

A: Federal tax levy is the tax levied by the employer and deduct tax on the salary withdrawn.

Q: ) The date by which the deposit should have been made b) The penalty for failure to make timely…

A:

Q: Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly…

A: As per the honor code of Bartleby we are bound to give the answer of the first three sub part,…

Q: 1: Paul Yount (married; 7 federal withholding allowances) eamed weekly gross pay of $605. Federal…

A: Federal income tax is levied by the internal revenue service on individual and corporate income to…

Q: Federal Income Tax Withholding Bob Wolfe's weekly gross earnings for the present week were $2,190.…

A: The time period withholding tax refers back to the cash that an organization deducts from a worker’s…

Q: Name   No. of Earnings Deductions   Marital W/H   (a) (b) (c) FICA (d) (e) (f) (g) Status Allowances…

A: Payroll taxes: Payroll tax can be defined as the amount of tax withheld from the salary of the…

Q: Required information [The following information applies to the questions displayed below.] BMX…

A: The taxes that are paid by both the employer and the employee to support the country's employee…

Q: a) Tax FUTA SUTA b) Tax BMX Company has one employee. FICA Social Security taxes are 6.2% of the…

A: FICA stands for Federal Insurance Contributions Act. It is a U.S. payroll tax.These taxes are social…

Q: enrollment_id-80494010#m02c-taxes-for-gig-workers/a01/p06 axes for Gig Workers Estimated Tax…

A: Tax liability: Your tax liability is the amount of tax you owe the government based on your income.…

Q: Instruction 5-1 Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. ​ Refer…

A: FUTA Tax  The expansion of FUTA means Federal Unemployment Tax Act.  This tax was proposed by the…

Q: Based on the information below, what amount should be debited for Wages/Salaries Expense? Total…

A: The gross wages and salaries received by employees, before any deductions or withholdings, are…

Q: Journalize Payroll Tax The payroll register of Wang Engineering Co. indicates $2,346 of social…

A: State unemployment tax = earnings subject to state and federal tax × 5.4%

Q: Example 3-1 During 20--, Rachael Lopez, president of Mathieson Company, was paid a semimonthly…

A: OASDI Tax:The OASDI (Old Age, Survivors, and Disability Insurance program) tax, often referred as…

Q: 7.2 Modeling Tax Schedules 1. Tony makes an hourly salary of $10.50 for 40 regular hours of work.…

A: The gross pay includes total compensation to the employee. The net payment to the employees is…

Q: a) Tax FUTA SUTA Compute BMX's amounts for each of these four taxes as applied to the employee's…

A: Social Security Tax: The Social Security and Medicare systems are paid for using money collected…

Q: A11

A: Step 1: Given Information:- Monthly Salary: $3,224.00- Federal Income Tax Withholding: $531.60-…

Q: Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each…

A: Federal income taxes (FIT) are imposed in USA. Tax is calculated by applying tax rates which…

Q: LZ Uonsəno Total gross earnings of all employees: $ 9,814.40 608.49 Total social security tax…

A: Payroll tax expense for the employer includes FICA taxes (social security tax and medicare tax) ,…

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…

A: The objective of the question is to calculate the FICA Social Security, FICA Medicare, FUTA, and…

Q: Mark Batchelor a self-employed sales consultant has estimated annual earnings of $303,000 this year…

A: Please be noted that the Social Security Wage Base of $147,000 for 2022 has been used in the…

Q: Journalize Payroll Tax The payroll register of Wang Engineering Co. indicates $2,022 of social…

A: Payroll expense means expenses related to employees compensation. Several taxes needs to be deducted…

Q: GOODS AND SERVICE TAX For the following consider whether it is a Taxable Supply, Input Taxed or GST…

A:

Q: Question 9: During a recent week, Jonathan Phelps worked 38 regular hours. He earns $10.25/hour and…

A: Federal tax withholding is where your employer takes  a certain amount of money out of your paycheck…

Q: The payroll register of Patel Heritage Co indicates $2,280 of social security withheld and $570.00…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: Tax Drill - General Business Credit Carlson's general business credit for the current year is…

A: Tax is a compulsory payment to the internal revenue service department of the federal government.…

Q: Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI:    6.20%…

A: OASDI full form is Old Age Survivor and Disability Insurance also known as social security , created…

Q: 34. PENALTY ON UNPAID INCOME TAX On January 5, Helen Terry made an income tax pay- ment that was due…

A: Total delays in days=112 (September 15 to January 15)Interest rate=11%Unpaid amount=$2100

Q: 27. Using the information below, determine the amount of the payroll tax expense for B. Harper…

A: Payroll tax expense refers to the tax charged on the payroll of the entity. It includes the social…

Q: Ward Feb. 1 6,300 1,355 Required: 1. Calculate the amounts to be reported on each employee's Wage…

A: The question provides a table with partial data for five employees (Andy, Chir, Lowery, Nickels, and…

Q: On September 30, Cody Company's selected account balances are as follows: Employees' Federal Income…

A: Journal entries are the basic foundation of financial statements in which at least two accounts are…

Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Q: William Harrison (single; 1 federal withholding allowance) earned biweekly gross pay of $990. He…

A: In this question we need to tell the amount of Federal income tax withholding.

Q: 742.88 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500…

A: Given that, Kip Bowmen is a owner and sole employee of KB Corporation  Salary of Kip Bowmen = $1500…

Q: Instruction 3-1 Use the following tax rates, ceiling and maximum taxes: Employee and Employer…

A: OASDI which means Old Age, Survivor, and Disability Insurance tax also known as social security was…

Q: Sky Company employed Tom Mills in Year 1. Tom earned $5,700 per month and worked the entire year.…

A: Payroll Tax: Payroll taxes comprise the taxes paid by employers and employees on salaries,…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.