Carmen Santos is owner and sole employee of CS Corporation. He pays himself a salary of $2,400
Question:
Record the payroll entry and payroll tax entry for the pay of the week ended June 2 (his year-to-date pay is $51,500).
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Additional tax information includes: FICA tax-OASDI. FICA tax-HI... Federal income tax 6.2% on first $118,500 1.45% on total pay $532.00 per pay 22% of the federal income tax withholding 0.6% on first $7,000 0.05% on first $14,000 State income tax Federal unemployment tax . State unemployment tax Additional payroll deductions include: 401(k) plan. Child support garnishment . Health insurance premium 3% per pay $125 per pay $110 per pay JOURNAL POST. DATE DESCRIPTION DEBIT CREDIT REF. 6 10 10 11 11 12 12 13 13 14 14 15 15 16 16
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Wages 240000 FICA Taxes Payable x OASDI 14880 FICA Taxes Payable x HI 3480 Employees FIT Payable 5...View the full answer
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