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.
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 tax 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 $1.491.37. What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculations to two decimal places.)
Multiple Choice
$2,422.00
$1,621.70
$3,914.37
Homework Answers
| FICA-Social Security tax | 557.26 | =8988*6.20% |
| FICA-Medicare tax | 130.33 | =8988*1.45% |
| Federal Income tax | 1491.37 | |
| Total amount of taxes withheld | 2178.96 |
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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.
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