Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

5. 5. value: 3.33 points Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned

5.

image text in transcribed

5. value: 3.33 points Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $9,038. The FICA tax for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate of 0.8% 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 $1,499.67. What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculations to two decimal places.) $3,971.67 O $2,472.00 O $2,625.08 O $2,191.08 O $1,630.72

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions

Question

Draw a labelled diagram of the Dicot stem.

Answered: 1 week ago