6-7A.LO2,3 payroll accounting by Beig and Toland  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 $128,400FICA  tax-HI..........1.45% on total payFederal income tax....$232.00 per paySIT.....22%of the federal income tax withholdingFUTA.....0.6% on first $7,000SUTA.....0.05% on first 14,000Additional payroll deductions include:401k plan....3%per payChild support garnishment......$100Health insurance premium...$95 per payRecord 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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Asked Nov 13, 2019
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6-7A.LO2,3 payroll accounting by Beig and Toland

  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

SIT.....22%of the federal income tax withholding

FUTA.....0.6% on first $7,000

SUTA.....0.05% on first 14,000

Additional payroll deductions include:

401k plan....3%per pay

Child support garnishment......$100

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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