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Portia is an employee of Grant company and paid monthly. For the month of January of the current year, Grant paid Portia a total of
Portia is an employee of Grant company and paid monthly. For the month of January of the current year, Grant paid Portia a total of 8,838. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45% of all Grant's employee earnings each calendar year. 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 Portia's earnings was $1,466.47. What amount should Grant record as the net pay to Portia after withholding the related tax liabilities for her? (Round your intermediate calculations to two decimal places.)
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