Sky Company employed Tom Mills in Year 1. Tom earned \$5,500 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $110,000 of eamings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $900 per month. Use 5.4 percent for the state unemployment tax rate and 06 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 FCA 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 ? b. Assume that instead of $5,500 per month Tom earned $9,400 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 Company for January Year 1? February Year 1? March Year 1? December Year 1 ? (2) What amount does Tom pay monthly in FICA payroll taxes? (3) What is the total payroll tax expense for Sky Company for Janu b. Assume that instead of $5,500 per month Tom earned $9,400 per (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 Janu Complete this question by entering your answers in the tabs be What is Tom's net pay per month? (Round your answer to 2 decimal pla b. Assume that instead of $5,500 per month Tom earned $9, (1) What is Tom's net pay per month? (2) What amount does Tom pay monthly in FICA payroll tax (3) What is the total payroll tax expense for Sky Company Complete this question by entering your answers in the What amount does Tom pay monthly in FICA payroll taxes? (RoL (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 Complete this question by entering your answers in the tabs below. What is the total payroll tax expense for Sky Company for January Year 17 February Year 17 March Year 1? December Year 1 ? (Round your answers to 2 decimal places.) b. Assume that instead of $5,500 per month Tom earned $9,400 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 Company for January Year 1? February Year 1? March Year 1? Complete this question by entering your answers in the tabs below. Assume that instead of $5,500 per month Tom earned $9,400 per month. What is Tom's net pay? (Round your answ decimal places.) (1) vritat is tomis tiet pay per multu: (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 b. Assume that instead of $5,500 per month Tom earned $9,400 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 Company for January Year 1? February Year 1? March Year 1? December Year Complete this question by entering your answers in the tabs below. Assume that instead of $5,500 per month Tom earned $9,400 per month. What amount does Tom pay monthly in FiCA payroll taxes? (Round your answers to 2 decimal places.) (i) writat is tums liet pay pet multur: (2) What amount does Tom pay monthly in FCA payroll taxes? (3) What is the total payroll tax expense for Sky Company for January Year 1? February Year 1? March Year 1? Decemb b. Assume that instead of $5,500 per month Tom earned $9.400 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 Company for January Year 1? February Year 1? March Year 1? Decemb Complete this question by entering your answers in the tabs below. Assume that instead of $5,500 per month Tom earned $9,400 per month. What is the total payroll tax expense for 5ky Company for January Year 17 February Year 1 ? March Year 1 ? December Year 1 ? (Round your answers to 2 decimal places.)
