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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hh2.
Account
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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