Kip Lee 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 the first $147,000 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% of the first $7,000 State Unemployment tax - 0.05% on the first $14,000 401(k) plan - 3% per pay period Child support garnishment - $100 per pay period Health Insurance premium - $95 per pay period 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)
Kip Lee 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 the first $147,000 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% of the first $7,000 State Unemployment tax - 0.05% on the first $14,000 401(k) plan - 3% per pay period Child support garnishment - $100 per pay period Health Insurance premium - $95 per pay period 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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Kip Lee 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 the first $147,000
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
State Unemployment tax - 0.05% on the first $14,000
401(k) plan - 3% per pay period
Child support garnishment - $100 per pay period
Health Insurance premium - $95 per pay period
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)
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