Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,700 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 $255.00 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 $14,000Additional payroll deductions include: 401(k) plan 3% per pay Child support garnishment $110 per pay Health insurance premium $95 per pay Here is what I need help with:Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year-to-date pay is $35,700).If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. AccountDebitCreditPayment of wages fill in the blank 35542201cfaf02a_2fill in the blank 35542201cfaf02a_3 fill in the blank 35542201cfaf02a_5fill in the blank 35542201cfaf02a_6 fill in the blank 35542201cfaf02a_8fill in the blank 35542201cfaf02a_9 fill in the blank 35542201cfaf02a_11fill in the blank 35542201cfaf02a_12 fill in the blank 35542201cfaf02a_14fill in the blank 35542201cfaf02a_15 fill in the blank 35542201cfaf02a_17fill in the blank 35542201cfaf02a_18 fill in the blank 35542201cfaf02a_20fill in the blank 35542201cfaf02a_21 fill in the blank 35542201cfaf02a_23fill in the blank 35542201cfaf02a_24 fill in the blank 35542201cfaf02a_26fill in the blank 35542201cfaf02a_27 Payroll taxes fill in the blank 35542201cfaf02a_29fill in the blank 35542201cfaf02a_30 fill in the blank 35542201cfaf02a_32fill in the blank 35542201cfaf02a_33 fill in the blank 35542201cfaf02a_35fill in the blank 35542201cfaf02a_36

Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…

Answered: Record the payroll entry and payroll…

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter6: Analysing And Journalizing Payroll

Section: Chapter Questions

Problem 7PA

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Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,700 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		$255.00 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		$110 per pay
Health insurance premium		$95 per pay

Here is what I need help with:

Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year-to-date pay is $35,700).

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		fill in the blank 35542201cfaf02a_2	fill in the blank 35542201cfaf02a_3
		fill in the blank 35542201cfaf02a_5	fill in the blank 35542201cfaf02a_6
		fill in the blank 35542201cfaf02a_8	fill in the blank 35542201cfaf02a_9
		fill in the blank 35542201cfaf02a_11	fill in the blank 35542201cfaf02a_12
		fill in the blank 35542201cfaf02a_14	fill in the blank 35542201cfaf02a_15
		fill in the blank 35542201cfaf02a_17	fill in the blank 35542201cfaf02a_18
		fill in the blank 35542201cfaf02a_20	fill in the blank 35542201cfaf02a_21
		fill in the blank 35542201cfaf02a_23	fill in the blank 35542201cfaf02a_24
		fill in the blank 35542201cfaf02a_26	fill in the blank 35542201cfaf02a_27

Payroll taxes		fill in the blank 35542201cfaf02a_29	fill in the blank 35542201cfaf02a_30
		fill in the blank 35542201cfaf02a_32	fill in the blank 35542201cfaf02a_33
		fill in the blank 35542201cfaf02a_35	fill in the blank 35542201cfaf02a_36

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