User Account

All Pages

Record the payroll entry and payroll tax entry

Assignment Help Taxation
Reference no: EM13496093

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 6.2% on first 113,700
FICA tax - HI 1.45% total pay
FIT - 232 per pay
SIT -22% of federal income tax withholding
FUTA - 0.6% on first 7,000
SUTA - 0.05% on first $14,000

Additional payroll deductions include:
401(k) - 3% per pay
Child Sup. Garnish - 100 per pay
Health Insurance Prem. - 95 per pay

Record the payroll entry and payroll tax entry for the pay of the week ended June 6 (his year-to-date pay is $31,500).

 

Reference no: EM13496093

Questions Cloud

Find the expected value : Find the expected value
When will jodie products be able to repay the loan : Prepare a cash budget for December, January and February. When will Jodie products be able to repay the loan?
State strong acid and strong base and weak acid strong base : In a graph pH vs volume of NAOH(ml). Shows an equivalence point of 7.00. This graph is? 1.strong acid weak base? 2. Weak base and weak acid? 3. strong acid and strong base? 4 weak acid strong base
The monthly sales demand for a new product is uncertain : The monthly sales demand for a new product is uncertain, but it is considered to be adequately described by a normal random variable with mean 50,000 units and variance 100,000,000.
Record the payroll entry and payroll tax entry : Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week.
Explain the ph of the hf solution before base is added : what is the pH of the HF solution before base is added. 3) What is the pH at eqivalence point. 4) what is the pH at 1/2 volume to equivalence point.
Evaluate the tension in the rope : A 212-kg log is pulled up a ramp by means of a rope that is parallel to the surface of the ramp. evaluate the tension in the rope
Compute the following ratios for 2014 : All sales were on account. Net cash provided by operating activities for 2014 was $241,920. Capital expenditures were $136,400, and cash dividends were $60,580.
Explain when delta h is negative and delta s is positive : If delta H is negative and delta S is positive, which of the following is true? a) The reasction os never spontaneous, b) the reaction is always spontaneous

Reviews

Write a Review

Taxation Questions & Answers

  Taxable income

Determine taxable income before considering expense.

  Prepare a tax research memo

Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.

  Income by ordinary concepts

Explain what is meant by income by ordinary concepts

  Identify the tax issues

Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.

  Calculate carolines taxable income

Calculate Carolines taxable income

  Taxation – law and practice

Show the tax issues that are raised and the relevant sections of the legislation.

  Payment to the taxpayer

Brief statement in your own words of the facts of the cases.

  Prepare regular corporation tax return

Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise

  Taxation law

Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.

  A tax on cigarettes is a good way of raising tax revenue

Discuss- A tax on cigarettes is a good way of raising tax revenue for the government

  Prepare the required journal entry

Prepare the required journal entry to record the tax expense

  Calculate barbs taxable income

Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd