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Toren Inc. employs one person to run its solar management company. The employee's gross income to the MER Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $410, state income tax of $80, health care insurance premium of $210, and union dues o $60. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave a blank May 31 ▾ - ▼ B. Record remittance of the employee's salary with cash on June 1. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank June 1

Toren Inc. employs one person to run its solar management company. The employee's gross income to the MER Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $410, state income tax of $80, health care insurance premium of $210, and union dues o $60. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave a blank May 31 ▾ - ▼ B. Record remittance of the employee's salary with cash on June 1. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank June 1

FINANCIAL ACCOUNTING
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 $7,700, 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 $410, state income tax of $80, health care insurance premium of $210, and union dues of $60. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for not require an entry, leave a blank May 31 the month of May, dated May 31, 2017. Round your answers to the nearest whole dollar. If an amount box does B. Record remittance of the employee's sal with cash on June 1. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank June 1
Transcribed Image Text:Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $7,700, 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 $410, state income tax of $80, health care insurance premium of $210, and union dues of $60. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for not require an entry, leave a blank May 31 the month of May, dated May 31, 2017. Round your answers to the nearest whole dollar. If an amount box does B. Record remittance of the employee's sal with cash on June 1. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank June 1
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