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Sky Co. employed Tom Mills in Year 1. Tom earned $5.200 per month and worked the entire year. Assume the Social Security tax rate

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Sky Co. employed Tom Mills in Year 1. Tom earned $5.200 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 Co. for January, Year 17 February, Year 17 March, Year 17 December, Year 171 b. Assume that instead of $5,200 per month Tom earned $11,000 per month. Based on this new level of income Tom's new federal income tax withholding is $1,800. 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? Complete this question by entering your answers in the tabs below. Required A1 Required 2 Required A3 Required B1 Required 2 Required 83 What amount does Tom pay monthly in FICA taxes? (Round your answer to 2 decimal places.) Tom's monthly FICA tax Check my wor

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