Answered step by step
Verified Expert Solution
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 8,538. The
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 8,538. The FICA tax for social security is 6.2% of the first $132,900 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 $1,416.67. Her net pay for the month is:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started