Sky Co employed Tom Mills in Year 1 Tom earned $5,100 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 1 5 percent Toms federal income tax withholding amount is $890 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 Answer the following questions 1 What is Toms 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 1 March Year 1 December Year 1 b Assume that instead of $5,100 per month Tom earned $9,500 per month Answer the following questions 1 What is Toms 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 1 March Year 1 December Year 1

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Sky Co  employed Tom Mills in Year 1  Tom earned $5,100 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 1 5 percent  Toms federal income tax withholding amount is $890 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  Answer the following questions  1  What is Toms 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 1  March Year 1  December Year 1  b  Assume that instead of $5,100 per month Tom earned $9,500 per month  Answer the following questions  1  What is Toms 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 1  March Year 1  December Year 1

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Sky Co. employed Tom Mills in Year 1. Tom earned $5,100 per month and worked the entire year. Assume the Social Security tax rate is

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