Answered step by step
Verified Expert Solution
Link Copied!

Question

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 $9,138. The

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 $9,138. The FICA tax for social security is 6.2% of the first $128,400 earned 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 $1,516.27. What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculations to two decimal places.) Multiple Choice $4.088.27 $2,215.33 O $1,648.77 O $2,649.33 O $2,572.00 O

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Integrated Reporting And Audit Quality An Empirical Analysis In The European Setting

Authors: Chiara Demartini, Sara Trucco

1st Edition

3319488252, 9783319488257

More Books

Students also viewed these Accounting questions

Question

low proportion of Muslims

Answered: 1 week ago

Question

What conflicts of interest had to be resolved?

Answered: 1 week ago