Portia Grant is an employee who is paid monthly For the month of January of the current year, she earned a total of $8,2 The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137700 earned each calendar y and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 145% of all earnings The Federal Unemployment Taxes (FUTA) tax rate of 06% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to t first $7,000 of an employee's pay The amount of federal income tax withheld from her earnings was $1,32517 What is th total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculations to two decimal places
Portia Grant is an employee who is paid monthly For the month of January of the current year, she earned a total of $8,2 The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137700 earned each calendar y and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 145% of all earnings The Federal Unemployment Taxes (FUTA) tax rate of 06% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to t first $7,000 of an employee's pay The amount of federal income tax withheld from her earnings was $1,32517 What is th total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculations to two decimal places
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $8,260
The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137700 earned each calendar year
and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 145% of all earnings. The Federal
Unemployment Taxes (FUTA) tax rate of 06% 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 $1,32517 What is the
total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculetions to two decimal places.)
Multiple Choice
$3,09717
$2,443 21
$2,443.21
$1,957.06
$1,722.00
$1,495.36](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F259b224a-5a55-4616-a4d9-3f431e2d9964%2F7a9297b2-d8f4-49c3-a1a4-984a3ece9982%2F6k40mmk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260
The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137700 earned each calendar year
and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 145% of all earnings. The Federal
Unemployment Taxes (FUTA) tax rate of 06% 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 $1,32517 What is the
total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculetions to two decimal places.)
Multiple Choice
$3,09717
$2,443 21
$2,443.21
$1,957.06
$1,722.00
$1,495.36
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