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—OASDI6.2% on first $132,900 FICA tax—HI1.45% on total pay Federal income tax$232.00 per pay State income tax22% of the federal income tax withholding Federal unemployment tax0.6% on first $7,000 State unemployment tax0.05% on first $14,000Additional payroll deductions include: 401(k) plan3% per pay Child support garnishment$100 per pay Health insurance premium$95 per pay CH 6 HWеВookShow Me HowPrint ItemAdditional payroll deductions include:401(k) plan3% per payChild support garnishment$100 per payHealth insurance premium$95 per payPayment of Wages and Payroll TaxesRecord 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.AccountDebitCreditPayment of wagesPayroll taxesCheck My Work 3 more Check My Work uses remaining.( PreviousNextAssignment Score: 42.17%Save and ExitSubmit Assignment for Grading

Journal Entries A journal entry is a record of transactions in the company's books. A minimum…

Answered: Kip Bowman is owner and sole employee…

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 10.8EX: Calculate payroll An employee earns 44 per hour and 1.5 times that rate for all hours in excess of...

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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
*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
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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