Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

24) Portia Grant is an employee who is paid monthly. For the month of January of the current year, she eamed a total of $8.260.

image text in transcribed
24) Portia Grant is an employee who is paid monthly. For the month of January of the current year, she eamed a total of $8.260. The FICA tax for social security is 6.2% of the first $128,400 of employee earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 6% and the SUTA tax rate of 5.4% are applied to the first $7.000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1.325.17. Her net pay for the month is: (Round your intermediate calculations to two decimal places.)24) A) S6,246.94 B) S6,422.71 C) $5.868.94 D) $7.194.11 E) S6,302.94

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Of The Federal Bureau Of Investigation Annual Financial Statements Fiscal Year 2015

Authors: Office Of The Inspector G Eneral, U.S. Department Of Justice

1st Edition

1530341264, 978-1530341269

More Books

Students also viewed these Accounting questions

Question

Analyse the various techniques of training and learning.

Answered: 1 week ago