Question: please help Sky Co. employed Tom Mills in Year 1. Tom earned $5,000 per month and worked the entire year. Assume the Social Security tax





Sky Co. employed Tom Mills in Year 1. Tom earned $5,000 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 15 percent. Tom's federal income tax withholding amount is $910 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 12 b. Assume that instead of $5,000 per month Tom earned $10,900 per month. Based on this new level of income Tom's new federal income tax withholding is $2,200. 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 17 March, Year 17 December, Year 1? Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required A3 Required B1 Required B2 Required B3 What is Tom's net pay per month? (Round your answer to 2 decimal places.) Tom's not pay per month Sky Co employed Tom Mills In Year 1. Tom earned $5,000 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 15 percent. Tom's federal Income tax withholding amount is $910 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 1? b. Assume that instead of $5,000 per month Tom earned $10,900 per month. Based on this new level of income Tom's new federal Income tax withholding is $2,200. 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 17 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 Required B2 Required 13 What amount does Tom pay monthly in FICA taxes? (Round your answer to 2 decimal places.) Toms monthly FICA Sky Co, employed Tom Mills In Year 1. Tom earned $5,000 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 $910 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 1? b. Assume that instead of $5,000 per month Tom earned $10,900 per month. Based on this new level of income Tom's new federal income tax withholding is $2,200. 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 17 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 Required B2 Required B3 Assume that instead of $5,000 per month Tom earned $10,900 per month. Based on this new level of Income Tom's new federal income tax withholding is $2,200. What Is Tom's net pay? (Round your answers to 2 decimal places.) Net Pay January to November (per month) December Sky Co. employed Tom Mills In Year 1. Tom earned $5,000 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 15 percent. Tom's federal income tax withholding amount is $910 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 12 March, Year 17 December, Year 1? b. Assume that instead of $5,000 per month Tom earned $10,900 per month. Based on this new level of Income Tom's new federal Income tax withholding is $2,200. 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 A2 Required A3 Required B1 Requirid B2 Required B3 Assume that instead of $5,000 per month Tom earned $10,900 per month. Based on this new level of income Tom's new federal income tax withholding is $2,200. 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 Sky Co. employed Tom Mills in Year 1. Tom earned $5,000 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 15 percent. Tom's federal income tax withholding amount is $910 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 1? b. Assume that instead of $5,000 per month Tom earned $10,900 per month. Based on this new level of income Tom's new federal income tax withholding is $2,200. Answer the following questions, 1. What is Tom's net pay per month? 2. What amount does Tom pay monthly in FICA payroll toxes? 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. 5 Required A1 Required A2 Required A3 Required B1 Required B2 Required 63 Assume that instead of $5,000 per month Tom eamed $10,900 per month. Based on this new level of Income Tom's new federal Income tax withholding is $2,200. What is the total payroll tax expense for Sky Co for January, Year 17 February, Year 17 March, Year 1 December, Year 17 (Round your answers to 2 decimal places.) Total Employer Payroll Tax January February March December
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
