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
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 4E
Related questions
Question
![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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781305084087/9781305084087_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781305084087/9781305084087_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
![PAYROLL ACCT., 2019 ED.(LL)-TEXT](https://www.bartleby.com/isbn_cover_images/9781337619783/9781337619783_smallCoverImage.gif)
![College Accounting, Chapters 1-27 (New in Account…](https://www.bartleby.com/isbn_cover_images/9781305666160/9781305666160_smallCoverImage.gif)
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,