Hank Brewer is owner and sole employee of Hank Corporation. He pays himself a sa

Question

Hank Brewer is owner and sole employee of Hank Corporation. He pays himself a salary of $2,400 this week. Additional Tax Information Includes: FICA tax- OASDI 6.2% on first $117,000 FICA tax - HI 1.45% on total pay Federal Income Tax $532.00 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: 401K Plan 3% per pay Child Support Garnishment $125 per pay Health Insurance Premium $110 per pay Record the payroll entry and the payroll tax entry for the pay of the week ended June 6. His Year-to-Date pay is $51,500 Hank Brewer is owner and sole employee of Hank Corporation. He pays himself a salary of $2,400 this week. Additional Tax Information Includes: FICA tax- OASDI 6.2% on first $117,000 FICA tax - HI 1.45% on total pay Federal Income Tax $532.00 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: 401K Plan 3% per pay Child Support Garnishment $125 per pay Health Insurance Premium $110 per pay Record the payroll entry and the payroll tax entry for the pay of the week ended June 6. His Year-to-Date pay is $51,500

Explanation / Answer

6-Jun Wages expenses $2,400.00 FICA Taxes -OASDI = 2400 x 6.2% $   148.80 FICA Tax - HI = (1.45% x 2400) $     34.80 Federal income tax $   532.00 State income tax = 22% x 532 $   117.04 federal unemployement tax (.6% x 2400 $     14.40 State unemployement tax (.05% x 2400) $       1.20 401k plan 3% x 2400 $     72.00 child support Garnishment $   125.00 Health Insurance Premium $   110.00 Net Payroll Payable $1,244.76

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