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 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 unemployment tax 0.6% on first $7,000 State unemployment tax 0.05% on first $14,000
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 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 unemployment tax 0.6% on first $7,000 State unemployment tax 0.05% on first $14,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 | |
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 |
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 |
![CH 6 HW
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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
Payroll taxes
Check My Work 3 more Check My Work uses remaining.
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Transcribed Image Text:CH 6 HW
еВook
Show Me How
Print Item
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
Payroll taxes
Check My Work 3 more Check My Work uses remaining.
( Previous
Next
Assignment Score: 42.17%
Save and Exit
Submit Assignment for Grading
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