CH Exercise 9-11A (Algo) Calculating employee and employer payroll taxes LO 9-5 Sky Co. employed Tom Mills in Year 1. Tom earned $5,300 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $130,000 of earnings, and the Medicare tax rate is 15 percent. Tom's federal income tax withholding amount is $860 per month Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee. Required 6. Answer the following questions: 1. What is Tom's net pay per month? 2. What amount does Tom pay monthly in FICA taxes? 3. What is the total payroll tax expense for Sky Co. for January, Year 17 February, Year 1? March, Year 1 December Year 1? b. Assume that instead of $5,300 per month Tom earned $11,000 per month. Based on this new level of income Tom's new federal income tax withholding is $1,800. Answer the following questions, 1. What is Tom's net pay per month? 2. What amount does Tom pay monthly in FICA payroll taxes? 3. What is the total payroll tax expense for Sky Co. for January, Year 17 February. Year 12 March, Year 1 December, Year 1? Complete this question by entering your answers in the tabs below. Required B3 Required A3 Required 1 Required B2 Required A1 Required A2 hov