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 $8.988. The

image text in transcribed
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 $8.988. The FICA tak for social security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 145% 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 $149137. What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculations to two decimal places.) Multiple Choice O $2.422.00 O $3,913.37 O O $2.178.96 O O $2.612.96 Multiple Choice $2.422.00 , $3,913.37 $2,178.96 $2,61296 $1,62170

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

Auditing And Society Research On Audit Practice And Regulations

Authors: Wally Smieliauskas, Minlei Ye, Ping Zhang

1st Edition

1138314129, 978-1138314122

More Books

Students also viewed these Accounting questions

Question

6 Compare and contrast mentoring and coaching.

Answered: 1 week ago