Question
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 8,988. The
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 8,988. 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 0.6% 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 $1,491.37. Her net pay for the month is: (Round your intermediate calculations to two decimal places.)
Multiple Choice
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$7,366.30
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$6,809.04
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$5,074.63
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$6,375.04
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$6,566.00
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