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1) Compute Tim's gross and his net pay for the first month of the year (January only). Your computation must clearly (show your work) show
1) Compute Tim's gross and his net pay for the first month of the year (January only). Your computation must clearly (show your work) show all of Tim's payroll deductions for the month used to compute Tim's net pay. 2) Compute Sky's payroll expense for the month of January (show all calculations used to arrive at the expense) 3) What is Sky's total cost to employ Tim for the month of January? ACCT 2101 Hw#8 (Payroll) Sky Co. employed Tim Miller. Tim's annual salary for the year was $60,000. In addition to FICA taxes (Social Security taxes of 6.2% and Medicare taxes of 1.45%), Tim's withholding included federal taxes of $900 per month, state taxes of $250 per month, and healthcare insurance costs of $400 per month. Sky Co.'s benefit costs for Tim totaled $450 per month. The state unemployment tax rate was 5.4% and the federal unemployment tax rate was 0.6%. REQUIRED: (1) Compute Tim's gross and his net pay for the first month of the year (January only). Your computation must clearly (show your work) show all of Tim's payroll deductions for the month used to compute Tim's net pay (2) Compute Sky's payroll expense for the month of January (show all calculations used to arrive at the expense) (3) What is Sky's total cost to employ Tim for the month of January
1) Compute Tim's gross and his net pay for the first month of the year (January only). Your computation must clearly (show your work) show all of Tim's payroll deductions for the month used to compute Tim's net pay.
2) Compute Sky's payroll expense for the month of January (show all calculations used to arrive at the expense)
3) What is Sky's total cost to employ Tim for the month of January?
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