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Chapter 06 Homework 742.88 SUTA Taxes Payable Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each
Chapter 06 Homework 742.88 SUTA Taxes Payable Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information indludes: FICA tax- OASDI FICA tax HI Federal income tax State income tax Federal unemployment tax State unemployment tax 6.2% on first $127,200 1.45% on total pay $232.00 per pay 22% of the federal income tax with hol 0.6% on first $7,000 0.05% on first S 14,000 Additional payroll deductions include >401(k) plan Child support garnishment Health insurance premium 3% per pay $100 per pay $95 per pay Payment of Wages and Payroll Taxes Record the payroil entry and payroll tax entry for the pay of the week ended June 1 this vear-tordate pay is $31.500) If an amount boxidoes not regu re an entry, leave it blank or enter "O. Round your answerg to the nearest cent Account Debit Payment of wages IMT Assignment Score 64 68
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