Question
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. The
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. 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 .6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employees 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.)
Answer choices:
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. 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 .6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employees 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.)
Answer choices:
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. 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 .6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employees 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.)
a. 6,422.71
b. 6,246.94
c. 6,302.94
d. 5,868.94
e. 7,194.11
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
15th Edition
978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960
