Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Carmen Santos is owner and sole employee of CS Corporation. He pays himself a salary of $2400 this week. Additional tax information includes: FICA tax

Carmen Santos is owner and sole employee of CS Corporation. He pays himself a salary of $2400 this week. Additional tax information includes: FICA tax - OASDI................6.2% on first $101,100 FICA tax - HI...................1.45% on total pay Federal income tax..............$532.00 per pay State income tax................22% of the federal income tax witholding Federal unemployment tax........0.8% on firt $7,000 State unemployment tax..........0.05% on first $14,000 Additional payroll deductions include: 401(k) plan.......................3% per pay child support garnishment.........$125 per pay health insurance premium..........$110 per pay Prepare the payroll entry and payroll tax entry for the pay of the week ended June 3 (his year-to-end pay is $51,500) Please help

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2017

Authors: Bernard J. Bieg, Judith Toland

27th edition

1305675126, 1305675124, 9781305888586, 1305888588, 978-1337734776

More Books

Students also viewed these Accounting questions

Question

Cite ways to overcome fear of failure.

Answered: 1 week ago