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
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
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.11EX: Payroll tax entries According to a summary of the payroll of Mountain Streaming Co., 120,000 was...
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AP#6_4
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 |
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
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