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 $110,000 of earnings, and the Medicare tax rate is 15 percent. Tom's federal income tax withholding amount is $930 per month. Use 5.4 percent for the state unemployment tax rate and 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 payroll 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 $9,500 per month. 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 1? February Year 12 March Year 1? December Year 1? Complete this question by entering your answers in the tabs below. Required Al Required A2 Required A3 Required 31 Required B2 Required 63 What is Tom's net pay per month? (Round your answer to 2 decimal places.) Tom's net pay per month Required Al Required AZ Required A3 Required B1 Required B2 Required B3 What is the total payroll tax expense for Sky Co. for January Year 17 February Year 17 March Year 17 December Year 17 (Round your answers to 2 decimal places.) Total Employer Payroll Tax January February March December 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 17 December Year 12 b. Assume that instead of $5,300 per month Tom earned $9,500 per month. 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 A1 Required A2 Required A3 Required B1 Reqtred B2 Required B3 Assume that instead of $5,300 per month Tom earned $9,500 per month. What amount does Tom pay monthly in FICA payroll taxes? (Round your answers to 2 decimal places.) FICA Payroll Tax January to November (per month) December Saved Help 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 17 December Year 12 b. Assume that instead of $5,300 per month Tom earned $9,500 per month. 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 1? March Year 17 December Year 1? Complete this question by entering your answers in the tabs below. Required Al Required A2 Required A3 Required B1 Required B2 Required B3 Assume that instead of $5,300 per month Tom earned $9,500 per month. What is the total payroll tax expense for Sky Co. for January Year 17 February Year 17 March Year 17 December Year 12 (Round your answers to 2 decimal places. Total Employer Payroll Tax January February March December
