Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $8,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $420, state income tax of $85, health-care insurance premium of $250, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium.Toren Inc. have the following additional information:May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,800 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium.A. Record the employer payroll for the month of May, dated May 31, 2017. If an amount box does not require an entry, leave it blank.May 31 To recognize employer payroll for May May 31 To record employer-paid benefits for May Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $8,000. Payroll for the month of May is asfollows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $420, state income tax of $85, health-care insurance premium of$250, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium.Toren Inc. have the following additional information:• May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,800 paid to the employee. FICA Social Security and FICAMedicare match employee deductions. The employer is responsible for 70% of the health insurance premium.A. Record the employer payroll for the month of May, dated May 31, 2017. If an amount box does not require an entry, leave it blank.May 31To recognize employer payroll for MayMay 31To record employer-paid benefits for May

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Answered: Toren Inc. employs one person to run…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $8,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $420, state income tax of $85, health-care insurance premium of $250, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium.

Toren Inc. have the following additional information:

May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,800 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium.

A. Record the employer payroll for the month of May, dated May 31, 2017. If an amount box does not require an entry, leave it blank.

May 31




	To recognize employer payroll for May
May 31

	To record employer-paid benefits for May

Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $8,000. Payroll for the month of May is as
follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $420, state income tax of $85, health-care insurance premium of
$250, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium.
Toren Inc. have the following additional information:
• May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,800 paid to the employee. FICA Social Security and FICA
Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium.
A. Record the employer payroll for the month of May, dated May 31, 2017. If an amount box does not require an entry, leave it blank.
May 31
To recognize employer payroll for May
May 31
To record employer-paid benefits for May

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