Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Wages Expense FICA Taxes Payable-OASDI FICA Taxes Payable-HI FIT Payable SIT Payable Group Insurance Payments W/H Cash Debit Credit 24,762.70 1,535.29 359.06 3,714.00 55.25 54.70 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%): Payroll Taxes FICA Taxes Payable-OASDI FICA Taxes Payable-HI FUTA Taxes Payable SUTA Taxes Payable Debit Credit 2,785.81 1,535.29 359.06 148.58 742.88 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,300 each week. Additional tax information includes: FICA tax-OASDI FICA tax-HI Federal income tax State income tax Federal unemployment tax State unemployment tax Additional payroll deductions include: 401(k) plan Child support garnishment Health insurance premium 6.2% on first $137,700 1.45% on total pay $195.00 per pay 22% of the federal income tax withholding 0.6% on first $7,000 0.05% on first $14,000 3% per pay $120 per pay $95 per pay Payment of Wages and Payroll Taxes Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year-to-date pay is $27,300). If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Payment of wages Payroll taxes Account Debit Credit