Module 7 Discuss Help 2


A paragraph is needed

Discussion Question 2

EA14 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 $400, state income tax of $75, healthcare insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium.
Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017.
Record remittance of the employee’s salary with cash on June 1.