Kip bowman is owner and sole employee of kb corporation. he pays

Kip bowman is owner and sole employee of kb corporation. he pays

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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 tax—OASDI. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2% on first $110,100 (6.2%—employer)
FICA tax—HI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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).
JOURNAL
DATE DESCRIPTION

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