Part 1) Total wages and salaries expense for the month is 55,000. FIT is figured at 11,000, SSI = 6.2% (nobody is over maximum) and Medicare = 1.45%. Further, 4.0% is paid to Insurance and 3,500 goes into Savings. What is total net pay for the month? Please round your answer to the nearest cent.

Part 2) An employee earns $138,000 per year. What will be the total Payroll Taxes Expense for the employer at the end of the year (assume the employee works all 12 months)? Social Security = 6.2% on the first $128,400. Medicare = 1.45% (no maximum). FUTA = .8% and SUTA = 5.4% on the first $7,000 earned. Please round your answer to the nearest cent.