Exercise 9 11A (Algo) Calculating employee and employer payroll taxes LO 9 5 Sky Company employed Tom Mills in Year 1 Tom earned $5,600 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 1 5 percent Toms federal income tax withholding amount is $940 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 Answer the following questions What is Toms 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 Assume that instead of $5,600 per month Tom earned $11,300 per month Based on this new level of income Toms new federal income tax withholding is $2,200 Answer the following questions What is Toms 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 Answer is not complete Complete this question by entering your answers in the tabs below Assume that instead of $5,600 per month Tom earned $11,300 per month Based on this new level of income Tom's new federal income tax withholding is $2,200 What is Tom's net pay Note Round your answers to 2 decimal places Assume that instead of $5,600 per month Tom earned $11,300 per month Based on this new level of income Tom's new federal income tax withholding is $2,200 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 Assume that instead of $5,600 per month Tom earned $11,300 per month Based on this new level of income Tom's new federal income tax withholding is $2,200 What amount does Tom pay monthly in FICA payroll taxes Note Round your answers to 2 decimal places

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Exercise 9-11A (Algo) Calculating employee and employer payroll taxes LO 9-5 Sky Company employed Tom Mills in Year 1. Tom earned $5,600 per month and

Exercise 9-11A (Algo) Calculating employee and employer payroll taxes LO 9-5

Sky Company employed Tom Mills in Year 1. Tom earned $5,600 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 1.5 percent. Toms federal income tax withholding amount is $940 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

Answer the following questions:
- What is Toms 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?
Assume that instead of $5,600 per month Tom earned $11,300 per month. Based on this new level of income Toms new federal income tax withholding is $2,200. Answer the following questions.
- What is Toms 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?

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Answer is not complete. Complete this question by entering your answers in the tabs below. Assume that instead of $5,600 per month Tom earned $11,300 per month. Based on this new level of income Tom's new federal income tax withholding is $2,200. What is Tom's net pay? Note: Round your answers to 2 decimal places. Assume that instead of $5,600 per month Tom earned $11,300 per month. Based on this new level of income Tom's new federal income tax withholding is $2,200. 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. Assume that instead of $5,600 per month Tom earned $11,300 per month. Based on this new level of income Tom's new federal income tax withholding is $2,200. What amount does Tom pay monthly in FICA payroll taxes? Note: Round your answers to 2 decimal places