Exercise 9 1 1 A ( Algo ) Calculating employee and employer payroll taxes LO 9 5 Sky Company employed Tom Mills in Year 1 Tom earned $ 5 , 3 0 0 per month and worked the entire year Assume the Social Security tax rate is 6 percent for the first $ 1 3 0 , 0 0 0 of earnings, and the Medicare tax rate is 1 5 percent Tom's federal income tax withholding amount is $ 8 7 0 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 , 0 0 0 of earnings per employee Required a Answer the following questions What is Tom's net pay per month What amount does Tom pay monthly in FICA taxes What is the total payroll tax expense for Sky Company for January, Year 1 February, Year 1 March, Year 1 December, Year 1 b Assume that instead of $ 5 , 3 0 0 per month Tom earned $ 1 1 , 3 0 0 per month Based on this new level of income Tom's new federal income tax withholding is $ 2 , 0 0 0 Answer the following questions What is Tom's net pay per month What amount does Tom pay monthly in FICA payroll taxes What is the total payroll tax expense for Sky Company for January, Year 1 February, Year 1 March, Year 1 December, Year 1 Complete this question by entering your answers in the tabs below What is Tom's net pay per month Note Round your answer to 2 decimal places Exercise 9 1 1 A ( Algo ) Calculating employee and employer payroll taxes LO 9 5 Sky Company employed Tom Mills in Year 1 Tom earned $ 5 , 3 0 0 per month and worked the entire year Assume the Social Security tax rate is 6 percent for the first $ 1 3 0 , 0 0 0 of earnings, and the Medicare tax rate is 1 5 percent Tom's federal income tax withholding amount is $ 8 7 0 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 , 0 0 0 of earnings per employee Required a Answer the following questions What is Tom's net pay per month What amount does Tom pay monthly in FICA taxes What is the total payroll tax expense for Sky Company for January, Year 1 February, Year 1 March, Year 1 December, Year 1 b Assume that instead of $ 5 , 3 0 0 per month Tom earned $ 1 1 , 3 0 0 per month Based on this new level of income Tom's new federal income tax withholding is $ 2 , 0 0 0 Answer the following questions What is Tom's net pay per month What amount does Tom pay monthly in FICA payroll taxes What is the total payroll tax expense for Sky Company for January, Year 1 February, Year 1 March, Year 1 December, Year 1 Complete this question by entering your answers in the tabs below What amount does Tom pay monthly in FICA taxes Note Round your answer to 2 decimal places Sky Company employed Tom Mills in Year 1 Tom earned $ 5 , 3 0 0 per month and worked the entire year Assume the Social Security tax rate is 6 percent for the first $ 1 3 0 , 0 0 0 of earnings, and the Medicare tax rate is 1 5 percent Tom's federal income tax withholding amount is $ 8 7 0 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 , 0 0 0 of earnings per employee Required a Answer the following questions What is Tom's net pay per month What amount does Tom pay monthly in FICA taxes What is the total payroll tax expense for Sky Company for January, Year 1 February, Year 1 March, Year 1 December, Year 1 b Assume that instead of $ 5 , 3 0 0 per month Tom earned $ 1 1 , 3 0 0 per month Based on this new level of income Tom's new federal income tax withholding is $ 2 , 0 0 0 Answer the following questions What is Tom's net pay per month What amount does Tom pay monthly in FICA payroll taxes What is the total payroll tax expense for Sky Company for January, Year 1 February, Year 1 March, Year 1 December, Year 1 Complete this question by entering your answers in the tabs below What is the total payroll tax expense for Sky Company for January, Year 1 February, Year 1 March, Year 1 December, Year 1 Note Round your answers to 2 decimal places

Question

Exercise 9   1 1 A ( Algo ) Calculating employee and employer payroll taxes LO 9   5 Sky Company employed Tom Mills in Year 1   Tom earned $ 5 , 3 0 0 per month and worked the entire year  Assume the Social Security tax rate is 6 percent for the first $ 1 3 0 , 0 0 0 of earnings, and the Medicare tax rate is 1   5 percent  Tom's federal income tax withholding amount is $ 8 7 0 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 , 0 0 0 of earnings per employee  Required a   Answer the following questions  What is Tom's net pay per month  What amount does Tom pay monthly in FICA taxes  What is the total payroll tax expense for Sky Company for January, Year 1   February, Year 1   March, Year 1   December, Year 1   b   Assume that instead of $ 5 , 3 0 0 per month Tom earned $ 1 1 , 3 0 0 per month  Based on this new level of income Tom's new federal income tax withholding is $ 2 , 0 0 0   Answer the following questions  What is Tom's net pay per month  What amount does Tom pay monthly in FICA payroll taxes  What is the total payroll tax expense for Sky Company for January, Year 1   February, Year 1   March, Year 1   December, Year 1   Complete this question by entering your answers in the tabs below  What is Tom's net pay per month  Note  Round your answer to 2 decimal places Exercise 9   1 1 A ( Algo ) Calculating employee and employer payroll taxes LO 9   5 Sky Company employed Tom Mills in Year 1   Tom earned $ 5 , 3 0 0 per month and worked the entire year  Assume the Social Security tax rate is 6 percent for the first $ 1 3 0 , 0 0 0 of earnings, and the Medicare tax rate is 1   5 percent  Tom's federal income tax withholding amount is $ 8 7 0 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 , 0 0 0 of earnings per employee  Required a   Answer the following questions  What is Tom's net pay per month  What amount does Tom pay monthly in FICA taxes  What is the total payroll tax expense for Sky Company for January, Year 1   February, Year 1   March, Year 1   December, Year 1   b   Assume that instead of $ 5 , 3 0 0 per month Tom earned $ 1 1 , 3 0 0 per month  Based on this new level of income Tom's new federal income tax withholding is $ 2 , 0 0 0   Answer the following questions  What is Tom's net pay per month  What amount does Tom pay monthly in FICA payroll taxes  What is the total payroll tax expense for Sky Company for January, Year 1   February, Year 1   March, Year 1   December, Year 1   Complete this question by entering your answers in the tabs below  What amount does Tom pay monthly in FICA taxes  Note  Round your answer to 2 decimal places Sky Company employed Tom Mills in Year 1   Tom earned $ 5 , 3 0 0 per month and worked the entire year  Assume the Social Security tax rate is 6 percent for the first $ 1 3 0 , 0 0 0 of earnings, and the Medicare tax rate is 1   5 percent  Tom's federal income tax withholding amount is $ 8 7 0 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 , 0 0 0 of earnings per employee  Required a   Answer the following questions  What is Tom's net pay per month  What amount does Tom pay monthly in FICA taxes  What is the total payroll tax expense for Sky Company for January, Year 1   February, Year 1   March, Year 1   December, Year 1   b   Assume that instead of $ 5 , 3 0 0 per month Tom earned $ 1 1 , 3 0 0 per month  Based on this new level of income Tom's new federal income tax withholding is $ 2 , 0 0 0   Answer the following questions  What is Tom's net pay per month  What amount does Tom pay monthly in FICA payroll taxes  What is the total payroll tax expense for Sky Company for January, Year 1   February, Year 1   March, Year 1   December, Year 1   Complete this question by entering your answers in the tabs below  What is the total payroll tax expense for Sky Company for January, Year 1   February, Year 1   March, Year 1   December, Year 1   Note  Round your answers to 2 decimal places

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Exercise 9 - 1 1 A ( Algo ) Calculating employee and employer payroll taxes LO 9 - 5 Sky Company employed Tom Mills in

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