Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $ 8

image text in transcribed
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,888. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 earned 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 $1,474.77. What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculations to two decimal places.)
Multiple Choice
$1,955.00
$2,154.71
$1,654.07
$2,640.86
image text in transcribed

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

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Accounting questions

Question

What is a namespace?

Answered: 1 week ago