Question
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
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 $118,500 FICA taxHI 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
Payrol Entry and Payrol taxes entry
Record the payroll entry and payroll tax entry for the pay of the week ended June 2 (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.
payrol wages Account( cash , futa,health insurance, payroll taxes,wages expence) _______________Debit_______Credit__________
payrol wages Account (Fica tax payble, ,payrol taxes, Futa payble,Suta tax payble , wages) ________Debit_________Credit______
payrol wages Account (Fica tax payble, ,payrol taxes, Futa payble,Suta tax payble , wages) ________Debit_________Credit______
payrol wages Account (Fica tax payble, ,payrol taxes, Futa payble,Suta tax payble , wages) ________Debit_________Credit______
payrol wages Account (Fica tax payble, ,payrol taxes, Futa payble,Suta tax payble , wages) ________Debit_________Credit______
payrol wages Account (Fica tax payble, ,payrol taxes, Futa payble,Suta tax payble , wages) ________Debit_________Credit______
payrol wages Account (Fica tax payble, ,payrol taxes, Futa payble,Suta tax payble , wages) ________Debit_________Credit______
payrol wages Account (Fica tax payble, ,payrol taxes, Futa payble,Suta tax payble , wages) ________Debit_________Credit______
payrol wages Account (Fica tax payble, ,payrol taxes, Futa payble,Suta tax payble , wages) ________Debit_________Credit______
Payrol Taxes( Cash,FICA OASI, FUTA tax expense,payrol taxes, wages expense) ___________Debit________Credit______
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