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 $9,188. The

Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $9,188. 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 $1,524.57. What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculations to two decimal places.)

Multiple Choice

$2,227.46

$2,713.61

$2,021.00

$3,367.57

$1,708.22

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 Oracle E Business Suite Common Issues

Authors: Jeffrey T. Hare

1st Edition

1329529766, 978-1329529762

More Books

Students also viewed these Accounting questions

Question

Find a, b, c, and d so that -2 a 1 [2 -3. d. [3 2.

Answered: 1 week ago

Question

BPR always involves automation. Group of answer choices True False

Answered: 1 week ago

Question

3. Identify the methods used within each of the three approaches.

Answered: 1 week ago