Example 6-7 The journal entry to record the payroll tax entry from Figure 5.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 1,535.29 359.06 FICA Taxes Payable-OASDI FICA Taxes Payable-HI FUTA Taxes Payable SUTA Taxes Payable 148.58 742.88 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,450 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 $217.50 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 $120 per pay Health insurance premium $90 per pay 0 0 0 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 Wages Expense 1,450 FICA Taxes Payable-OASDI 0 x FICA Taxes Payable-HI 0 x Employees FIT Payable 0 ox Employees SIT Payable 0 x Retirement Plan Contributions Payable 0 X Garnishment Payable 0 x Health Insurance Premiums Payable 0 x Cash 0 X 0 0 0 0 Payroll taxes Payroll Taxes 0 0 FICA Taxes Payable-OASDI 0 x FICA Taxes Payable-HI 0 0 x