DATE NAME 6-7A LO 2, 3 Kip Bowman is owner and sole employee of KB Corporation.
ID: 2413023 • Letter: D
Question
DATE NAME 6-7A LO 2, 3 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary Additional tax information includes: of S1,500 each week. FICA tax-OASDI.. FICA tax-HI Federal income tax 6.2% on first $117,000 1.45% on total pay $232.00 per pay 22% of the federal income tax withholding 0.6% on first $7,000 0.05% on first $14,000 come tax .. Federal unemployment tax. State unemployment tax.. Additional payroll deductions include 3% per pay 401(k) plan . Child support garnishment.. Health insurance premium. $100 per pay $95 per pay Record the payroll entry and payroll tax entry for the pay of the week ended June 5 this year to-date pay is $31,500) JOURNAL POST. REF DEBIT CREDIT DESCRIPTION DATEExplanation / Answer
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Date Account Desceription Debit Credit 5-Jun Salary Expenses $ 1,500.00 FICA-OASDI Payable $ 93.00 FICA- Hi Payable $ 21.75 FIT Payable $ 232.00 SIT Payable $ 51.04 401k Payable $ 45.00 Child support Payable $ 100.00 Health Insurance Payable $ 95.00 Salary Payable $ 862.21 (Being Salary Expenses Recorded) 5-Jun Payroll Taxes $ 159.75 FICA-OASDI Payable $ 93.00 FICA- Hi Payable $ 21.75 401k Payable $ 45.00 (Being Payroll Taxes Recorded)Related Questions
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