Carmen Santos is owner and sole employee of CS Corporation. He pays himself a salary of $2,400 this week.
Additional tax information includes:
FICA tax—OASDI....................................................................... 6.2% on first $127,200
FICA tax—HI.............................................................................. 1.45% on total pay
Federal income tax.................................................................. $532.00 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...................................................... $125 per pay
Health insurance premium....................................................... $110 per pay
Record the payroll entry and payroll tax entry for the pay of the week ended June 1 (his year-to-date pay is $51,500).