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 6.2% on first $132,900   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

Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to Soc. Sec. Tax Tax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Soc. Sec. Withheld Withheld $ 22,000 $1,700 23,700 $128,400 $4 54,000 4,200 68200 128,400 %24

Can you please check if this is correct

Prepare a payroll check for Janice burns for the week ending March 23,20

Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:   Debit Credit Wages Expense 24,762.70   FICA Taxes Payable—OASDI   1,535.29 FICA Taxes Payable—HI   359.06 FIT Payable   3,714.00 SIT Payable   55.25 Group Insurance Payments W/H   54.70 Cash   19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%):   Debit Credit Payroll Taxes 2,785.81   FICA Taxes Payable—OASDI   1,535.29 FICA Taxes Payable—HI   359.06 FUTA Taxes Payable   148.58 SUTA Taxes Payable   742.88 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 6.2% on first $132,900   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…

Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:   Debit Credit Wages Expense 24,762.70   FICA Taxes Payable—OASDI   1,535.29 FICA Taxes Payable—HI   359.06 FIT Payable   3,714.00 SIT Payable   55.25 Group Insurance Payments W/H   54.70 Cash   19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%):   Debit Credit Payroll Taxes 2,785.81   FICA Taxes Payable—OASDI   1,535.29 FICA Taxes Payable—HI   359.06 FUTA Taxes Payable   148.58 SUTA Taxes Payable   742.88 Vulcra, Inc., has a semimonthly payroll of $66,920 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,290 is taxable under FICA Taxes-OASDI; and $10,400 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,838. The amount withheld for state…

Problem 13-5 Analyzing a Source Document Based on the payroll register shown below, prepare the journal entry. PAYROLL REGISTER PAY PERIOD ENDING May 19 20 - DATE OF PAYMENT May 19, 20-- EARNINGS DEDUCTIONS RATE NET PAY CK. NO. NAME REGULAR OVERTIME SOC. SEC. MEDICARE FED, INC. TAX STATE INC. TAX HOSP INS TOTAL OTHER TOTAL TAX TAX 25 25 TOTALS 1,218 93 109 14 1,328 07 82 34 19 26 184 00 26 56 20 00 Other Deductiona: Write the appropriate code letter to the left of the amount: B-U.S. Savinge Bonde; C-Credit Union: UD-Union Duee: Uw-United Way. 332 16 995 91 View transaction list Journal entry worksheet 1 Record the payroll entry. Note: Enter debits before credits. Date General Journal Debit Credit May 19 Record entry Clear entry View general journal

LO 1, 2, 3, 4 EXERCISE 7-3 Using the income tax withholding table in Figure 3, pages 331-332, for each employee of Miller Company, determine the net pay for the week ended January 21. Assume a Social Security tax of 6.2 percent and a Medicare tax of 1.45 percent. All employees have cumulative earnings, including this pay period, of less than $113,700. Assume that all employees are married. Practice Exercises 1, 2, 3, 4 Federal Social Income Security Medicare Union Total Tax Tax Tax Dues United Way Employee Allowances Earnings Withheld Withheld Withheld Withheld Contribution Net Pay a. Aston, F. B. $ 900.00 $ 24 $ 25.00 $ 35.00 b. Dwyer, S. J. c. Flynn, K. A. d. Harden, J. L. 920.00 25.00 35.00 1,110.00 25.00 40.00 1,025.00 25.00 40.00 e. Nguyen, H. 925.00 25.00 35.00 Totals $4,880.00 $ $125.00 $185.00

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Problem 9-3Withholding Methods (LO 9.1) Sophie is a single taxpayer. For the first payroll period in July 2021, she is paid wages of $2,200 monthly. Sophie claims one allowance on her pre-2021 Form W-4. Click here to access the withholding tables. IRS Publication 15-T, Federal Income Tax Withholding Method Pay period 2021 Allowance Amount Weekly $ 83   Biweekly 165   Semimonthly 179   Monthly 358   Quarterly 1,075   Semiannually 2,150   Annually 4,300   Round intermediate computations and your final answer to two decimal places. Question Content Area Use the percentage method to calculate the amount of Sophie's withholding for a monthly pay period. Sophie's withholding: $fill in the blank b40091006028014_1 Feedback Area Feedback Employers are required to withhold taxes from amounts paid to employees for wages, including salaries, fees, bonuses, commissions, vacation and retirement pay. Form W-4, showing the filing…