net pay
monthly FICA tax
total employee payroll tax
net pay
payroll tax
total employer payroll tax
Sky Company employed Tom Mills in Year 1. Tom earned \$5,400 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. Tom's federal income tax withholding amount is $880 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 a. 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 Company for January, Year 1? February, Year 1 ? March, Year 1 ? December, Year 1 ? b. Assume that instead of $5,400 per month Tom earned $11,400 per month. Based on this new level of income Tom's new federal income tax withholding is $2,000. Answer the following questions. 1. Whatiis 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 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 9-11A (Algo) Calculating employee and employer payroll taxes LO 9-5 Sky Company employed Tom Mills in Year 1. Tom earned \$5,400 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. Tom's federal income tax withholding amount is $880 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 a. 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 Company for January, Year 1 ? February, Year 1 ? March, Year 1 ? December, Year 1 ? b. Assume that instead of $5,400 per month Tom earned $11,400 per month. Based on this new level of income Tom's new federal Income tax withholding is $2,000. 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 Company for January. Year 1? February, Year 1 ? March, Year 1 Deecember, 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: Required a. 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 Company for January, Year 1? February, Year 1 ? March, Year 1 ? December, Year 1 ? b. Assume that instead of $5,400 per month Tom earned $11,400 per month. Based on this new level of income Tom's new federal income tax with oiding is $2,000. Answer the following questions. 1. What is Tom's net pay per month? 2. What amount does Tom pay monthly in FICA paytoll taxes? 3. 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. Required a. 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 Company for January, Year 1? February, Year 1? March, Year 1? December, Year 1 ? b. Assume that instead of $5,400 per month Tom earned $11,400 per month. Based on this new level of income Tom's new federal income tax with olding is $2,000. 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 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. Assume that instead of $5,400 per month Tom earned $11,400 per month. Based on this new level of income Tom's new federal income tax withholding is $2,000. What is Tom's net pay? Note: Round your answers to 2 decimal places. Required a. 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 Company for January, Year 1 ? February, Year 1? March, Year 1 ? December, Year 1? b. Assume that instead of $5,400 per month Tom earned $11,400 per month. Based on this new level of income Tom's new federal income tax withhoiding is $2,000. 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 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. Assume that instead of $5,400 per month Tom earned $11,400 per month. Based on this new level of income Tom's new federal income tax withholding is $2,000. What amount does Tom pay monthly in FICA payroll taxes? Note: Round your answers to 2 decimal places. Required a. 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 Company for January, Year 1? February, Year 1? March, Year 1 ? December, Year 1 ? b. Assume that instead of $5,400 per month Tom earned $11,400 per month. Based on this new level of income Tom's new federal income tax withholding is $2,000. 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 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. Assume that instead of $5,400 per month Tom earned $11,400 per month. Based on this new level of income Tom's new federal income tax withhoiding is $2,000. What is the total payroll tax expense for Sky Company for January, Year 1 ? February, Year 17 March, Year 17 December, Year 1 ? Note: Round your answers to 2 decimal places
