Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 9,088. The FICA tax for social security is 6.2% of the first $128,400 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 $1,507.97. Her net pay for the month is: (Round your intermediate calculations to two decimal places.)
Multiple Choice
$6,884.79
$5,058.03
$6,450.79
$7,448.25
$6,566.00
Solution:
The Answer is $6,884.79
Particulars | Amount $ | Calculation |
Gross Pay (a) | $ 9,088.00 | Given |
Less: Deductions | ||
Social Security Tax | $ 563.46 | $ 9,088 * 6.2% |
Medicare Tax | $ 131.78 | $ 9,088 * 1.45% |
Federal income Tax | $ 1,507.97 | Given |
Total Deductions (b) | $ 2,203.21 | |
Net Pay (a-b) | $ 6,884.79 |
1) So, Remaining options are Incorrect.
Portia Grant is an employee who is paid monthly. For the month of January of the...
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