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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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