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Please complete the fill-in-the blank with calculation explanation Kip Lee is owner and sole employee of KB Corporation. He pays himself a salary of $1,500
Please complete the fill-in-the blank with calculation explanation
Kip Lee 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 $147,000 | |
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 |
Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (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.
Account | Debit | Credit | |
Payment of wages | CashFUTA Taxes PayableHealth Insurance Premiums PayablePayroll TaxesWages Expense | fill in the blank | fill in the blank |
FICA Taxes Payable-OASDIFUTA Taxes PayablePayroll TaxesSUTA Taxes PayableWages Expense | fill in the blank | fill in the blank | |
FICA Taxes Payable-HIFUTA Taxes PayablePayroll TaxesSUTA Taxes PayableWages Expense | fill in the blank | fill in the blank | |
Employees FIT ExpenseEmployees FIT PayablePayroll TaxesSUTA Taxes PayableWages Expense | fill in the blank | fill in the blank | |
Employees SIT PayablePayroll TaxesSUTA Taxes ExpenseSUTA Taxes PayableWages Expense | fill in the blank | fill in the blank | |
Garnishment ExpensePayroll TaxesRetirement Plan Contributions ExpenseRetirement Plan Contributions PayableWages Expense | fill in the blank | fill in the blank | |
Garnishment ExpenseGarnishment PayablePayroll TaxesTaxes PayableWages Expense | fill in the blank | fill in the blank | |
Health Insurance Premiums ExpenseHealth Insurance Premiums PayableInsurance ExpensePayroll TaxesWages Expense | fill in the blank | fill in the blank | |
CashFUTA Taxes PayablePayroll TaxesSUTA Taxes PayableWages Expense | fill in the blank | fill in the blank | |
fill in the blank | fill in the blank | ||
Payroll taxes | CashFICA Taxes Payable-OASDIFUTA Taxes ExpensePayroll TaxesWages Expense | fill in the blank | fill in the blank |
CashFICA Taxes Payable-OASDIFUTA Taxes ExpenseFUTA Taxes PayableWages Expense | fill in the blank | fill in the blank | |
CashFICA Taxes Payable-HIFUTA Taxes PayableSUTA Taxes PayableWages Expense | fill in the blank | fill in the blank |
please complete the box below (where it said fill in the blank)
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