The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 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 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

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter7: Payroll

Section: Chapter Questions

Problem 1M

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Example 6-5

The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:

	Debit	Credit
Wages Expense	24,762.70
FICA Taxes Payable—OASDI		1,535.29
FICA Taxes Payable—HI		359.06
FIT Payable		3,714.00
SIT Payable		55.25
Group Insurance Payments W/H		54.70
Cash		19,044.40

Example 6-7

The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%):

	Debit	Credit
Payroll Taxes	2,785.81
FICA Taxes Payable—OASDI		1,535.29
FICA Taxes Payable—HI		359.06
FUTA Taxes Payable		148.58
SUTA Taxes Payable		742.88

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

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

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