Toren Inc. employs one person to run its solar management company. The employee's gross income for...

 

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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 $6,000. 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 $410, state income tax of $80, 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 $7,100 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 Employer Payroll Taxes Expense FICA Social Security Tax Payable FICA Medicare Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable To recognize employer payroll for May May 31 Benefits Expense Health Insurance Payable To record employer-paid benefits for May FICA Medicare Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Federal Income Tax Payable State Income Tax Payable FICA Social Security Tax Payable To recognize payment of accrued tax liabilities 819 175 June 1 Salaries Expense June 1 Union Dues Payable Cash To recognize payment of accrued employee union liabilities B. Record the payment in cash of all employer liabilities only 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 Salaries Expense 372 Health Insurance Payable To record payment of accrued employee benefit liabilities 87 36 324 175 6,000 50 175 87 36 324 410. 80 372 50 175 Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $6,000. 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 $410, state income tax of $80, 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 $7,100 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 Employer Payroll Taxes Expense FICA Social Security Tax Payable FICA Medicare Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable To recognize employer payroll for May May 31 Benefits Expense Health Insurance Payable To record employer-paid benefits for May FICA Medicare Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Federal Income Tax Payable State Income Tax Payable FICA Social Security Tax Payable To recognize payment of accrued tax liabilities 819 175 June 1 Salaries Expense June 1 Union Dues Payable Cash To recognize payment of accrued employee union liabilities B. Record the payment in cash of all employer liabilities only 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 Salaries Expense 372 Health Insurance Payable To record payment of accrued employee benefit liabilities 87 36 324 175 6,000 50 175 87 36 324 410. 80 372 50 175

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31May Salary Expense 6000 FICA Social Security Tax 372 FICA Medical careTax 87 Federal Income Tax 4... View the full answer