Sky Co. employed Tom Mills in Year 1. Tom earned $5,000 per month and worked the...
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 $110,000 of earnings, 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 .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 1? February Year 1? March Year 1? December
Year 1?
b. Assume that instead of $5,000 per month Tom
earned $9,700 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 1? March Year 1? December
Year 1?
Homework Answers
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Sky Co. employed Tom Mills in Year 1. Tom earned $5,000 per
month and worked the...
I need help completing all of part B please Check mywrk Exercise 9-11A Calculating employee and...
I need help completing all of part B please
Check mywrk Exercise 9-11A Calculating employee and employer payroll taxes LO 9-5 3.57 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. Tom's federal income tax withholding amount is $910 per month. Use 5.4 percent for the state unemployment...
I need help completing part B only please!! Exercise 9-11A Calculating employee and employer payroll taxes...
I need help completing part B only please!!
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Please answer the whole question. Francisco Company has 10 employees, each of whom earns $2,900 per...
Please answer the whole question.Francisco Company has 10 employees, each of whom earns $2,900
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been employed continuously at this amount since January 1. On March
1, the following accounts and balances exist in its general
ledger:FICA—Social Security Taxes Payable, $3,596; FICA—Medicare Taxes
Payable, $842. (The balances of these accounts represent total
liabilities for both the employer's and employees' FICA
taxes for the February payroll only.)Employees'...
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I need help completing all of part B please
Check mywrk Exercise 9-11A Calculating employee and employer payroll taxes LO 9-5 3.57 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. Tom's federal income tax withholding amount is $910 per month. Use 5.4 percent for the state unemployment...
I need help completing part B only please!!
Exercise 9-11A Calculating employee and employer payroll taxes LO 9-5 Sky Co. employed Tom Mils 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. Tom's federal income tax withholding amount is $910 per month. Use 5.4 percent for the state unemployment tax rate and 0.6...
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Please answer the whole question.Francisco Company has 10 employees, each of whom earns $2,900
per month and is paid on the last day of each month. All 10 have
been employed continuously at this amount since January 1. On March
1, the following accounts and balances exist in its general
ledger:FICA—Social Security Taxes Payable, $3,596; FICA—Medicare Taxes
Payable, $842. (The balances of these accounts represent total
liabilities for both the employer's and employees' FICA
taxes for the February payroll only.)Employees'...
RCES Exercise 8-4 ent During the month of March, Blossom Company's employees earned wages of $83,000. Withholdings related to these wages were $6,350 for Social Security (FICA), $9,727 for federal income tax, $4,020 union dues. The company incurred no cost related to these earmings for federal unemployment tax but incurred $908 for state unemployment tax (a) Prepare a tabular summary to record salaries and wages expense and salaries and wages payable on March 31. Assume that wages earned during March...
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