Too Short
Oct 18, 2007, 09:25 PM
If Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of 1500 each week.
Addition tax information includes:
FICA tax-OASDI 6.2% on first 93000
FICA-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 0.8% on first 7000
State unemployment tax 0.05% on first 14000
Additional payroll deductions include:
401 K plan 3% per pay
Child support garnishment $100per payHealth insurance premium $95 per pay
Record the payroll entry and payroll tax entry for the pay of the week ended June 4 (his year-to date pay is 31500
Addition tax information includes:
FICA tax-OASDI 6.2% on first 93000
FICA-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 0.8% on first 7000
State unemployment tax 0.05% on first 14000
Additional payroll deductions include:
401 K plan 3% per pay
Child support garnishment $100per payHealth insurance premium $95 per pay
Record the payroll entry and payroll tax entry for the pay of the week ended June 4 (his year-to date pay is 31500