Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,338.
help
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,338. The Federal insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of 0.6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheid from her earnings was $1,383.47. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started