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Kip Browman is owner and sole employee of KB Corporation. He pays himself a salary of $1500 each week. Additional tax info: -FICA tax-OASDI...6.2% of
Kip Browman is owner and sole employee of KB Corporation. He pays himself a salary of $1500 each week. Additional tax info: -FICA tax-OASDI...6.2% of first $106,800 -FICA tax-HI......1.45% on total pay -Federal income tax...$232 per pay -State income tax...22% of the federal income tax withholding -Federal unemployment tax.... 0.8% on first $7000 -State unemployment....0.05%on first $14000 Additional payroll deductions include: -401 (k).... 3% per pay -child support garnishment... $100 per pay -Health insurance premium... $95 per pay Record the payroll entry and payroll tax entry for the pay of the week ended June 5 ( his year to date pay is $31,500). Use a General Journal
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