Reference no: EM132881164
Question - TopStone 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, health-care insurance premium of $200, and union dues of $50. 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.
B. Record remittance of the employee's salary with cash on June 1
In above, you prepared the journal entries for the employee of TopStone Inc. You have now been given 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 $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium.
Using the information from EA14 and the additional information provided:
A. Record the employer payroll for the month of May, dated May 31, 2017.
B. Record the payment in cash of all employer liabilities only on June 1.
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