Question
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,438. The
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,438. 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 withheld from her earnings was $1,400.07. Her net pay for the month is: (Round your intermediate calculations to two decimal places.)
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$6,336.42
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$6,514.77
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$6,392.42
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$5,958.42
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$7,283.59
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