Question
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
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 PayableOASDI 1,535.29 FICA Taxes PayableHI 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 PayableOASDI 1,535.29 FICA Taxes PayableHI 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 taxOASDI 6.2% on first $127,200 FICA taxHI 1.45% on total pay Federal income tax $225.00 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 $100 per pay
Payment of Wages and Payroll Taxes Record the payroll entry and payroll tax entry for the pay of the week ended June 1 (his year-to-date pay is $31,500).
If an amount box does not require an entry, leave it blank or enter "0". Round your answers to the nearest cent.
Account Debit Credit Payment of wages Payroll taxes
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 PayableOASDI | 1,535.29 | |
FICA Taxes PayableHI | 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 PayableOASDI | 1,535.29 | |
FICA Taxes PayableHI | 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 taxOASDI | 6.2% on first $127,200 | |
FICA taxHI | 1.45% on total pay | |
Federal income tax | $225.00 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 | $100 per pay |
Record the payroll entry and payroll tax entry for the pay of the week ended June 1 (his year-to-date pay is $31,500).
If an amount box does not require an entry, leave it blank or enter "0". Round your answers to the nearest cent.
Account | Debit | Credit | |
Payment of wages | |||
Payroll taxes | |||
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