chapter 6-7 a

Project Description:

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).
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