Please complete the fill in the blank with calculation explanation 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 taxOASDI 6 2 on first $147,000 FICA taxHI 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) If an amount box does not require an entry, leave it blank Round your answers to the nearest cent Account Debit Credit Payment of wages CashFUTA Taxes PayableHealth Insurance Premiums PayablePayroll TaxesWages Expense fill in the blank fill in the blank FICA Taxes Payable OASDIFUTA Taxes PayablePayroll TaxesSUTA Taxes PayableWages Expense fill in the blank fill in the blank FICA Taxes Payable HIFUTA Taxes PayablePayroll TaxesSUTA Taxes PayableWages Expense fill in the blank fill in the blank Employees FIT ExpenseEmployees FIT PayablePayroll TaxesSUTA Taxes PayableWages Expense fill in the blank fill in the blank Employees SIT PayablePayroll TaxesSUTA Taxes ExpenseSUTA Taxes PayableWages Expense fill in the blank fill in the blank Garnishment ExpensePayroll TaxesRetirement Plan Contributions ExpenseRetirement Plan Contributions PayableWages Expense fill in the blank fill in the blank Garnishment ExpenseGarnishment PayablePayroll TaxesTaxes PayableWages Expense fill in the blank fill in the blank Health Insurance Premiums ExpenseHealth Insurance Premiums PayableInsurance ExpensePayroll TaxesWages Expense fill in the blank fill in the blank CashFUTA Taxes PayablePayroll TaxesSUTA Taxes PayableWages Expense fill in the blank fill in the blank fill in the blank fill in the blank Payroll taxes CashFICA Taxes Payable OASDIFUTA Taxes ExpensePayroll TaxesWages Expense fill in the blank fill in the blank CashFICA Taxes Payable OASDIFUTA Taxes ExpenseFUTA Taxes PayableWages Expense fill in the blank fill in the blank CashFICA Taxes Payable HIFUTA Taxes PayableSUTA Taxes PayableWages Expense fill in the blank fill in the blank please complete the box below (where it said fill in the blank)

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Question: Please complete the fill-in-the blank with calculation explanation Kip Lee is owner and sole employee of KB Corporation. He pays himself a salary of $1,500

Please complete the fill-in-the blank with calculation explanation

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 taxOASDI	6.2% on first $147,000
	FICA taxHI	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).

If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.

	Account	Debit	Credit
Payment of wages	CashFUTA Taxes PayableHealth Insurance Premiums PayablePayroll TaxesWages Expense	fill in the blank	fill in the blank
	FICA Taxes Payable-OASDIFUTA Taxes PayablePayroll TaxesSUTA Taxes PayableWages Expense	fill in the blank	fill in the blank
	FICA Taxes Payable-HIFUTA Taxes PayablePayroll TaxesSUTA Taxes PayableWages Expense	fill in the blank	fill in the blank
	Employees FIT ExpenseEmployees FIT PayablePayroll TaxesSUTA Taxes PayableWages Expense	fill in the blank	fill in the blank
	Employees SIT PayablePayroll TaxesSUTA Taxes ExpenseSUTA Taxes PayableWages Expense	fill in the blank	fill in the blank
	Garnishment ExpensePayroll TaxesRetirement Plan Contributions ExpenseRetirement Plan Contributions PayableWages Expense	fill in the blank	fill in the blank
	Garnishment ExpenseGarnishment PayablePayroll TaxesTaxes PayableWages Expense	fill in the blank	fill in the blank
	Health Insurance Premiums ExpenseHealth Insurance Premiums PayableInsurance ExpensePayroll TaxesWages Expense	fill in the blank	fill in the blank
	CashFUTA Taxes PayablePayroll TaxesSUTA Taxes PayableWages Expense	fill in the blank	fill in the blank
		fill in the blank	fill in the blank
Payroll taxes	CashFICA Taxes Payable-OASDIFUTA Taxes ExpensePayroll TaxesWages Expense	fill in the blank	fill in the blank
	CashFICA Taxes Payable-OASDIFUTA Taxes ExpenseFUTA Taxes PayableWages Expense	fill in the blank	fill in the blank
	CashFICA Taxes Payable-HIFUTA Taxes PayableSUTA Taxes PayableWages Expense	fill in the blank	fill in the blank

please complete the box below (where it said fill in the blank)

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