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Toren Inc. employs one person to run its solar management company. The employees gross income...

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Accounting

Toren Inc. employs one person to run its solar management company. The employees gross income for the month of May is $4,830.

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 $141
  • Union dues of $50
  • The employee is responsible for covering 23% of his or her health insurance premium

What is the net pay of the one employee for the month of May? Round to the nearest penny, two decimals.

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