choose best answer Portia Grant is an employee who is paid monthly. For the month of January ofthe current year, she earned a total of $8,388. The FICA tax for social securityis 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate of 0.8%and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee'spay. The amount of federal income tax withheld from her earnings was$1,391.77. Her net pay for the month is: (Round intermediate calculations totwo decimal places.)A. $6,354.54B. $5,174.23C. $6,874.60D. $5,920.54E. $6,565.00

Step 1: Definition of Net PayNet Pay is the amount an employee receives after all mandatory and…

Answered: Portia Grant is an employee who is paid…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 1PB

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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 9,038. The FICA tax for social security is 6.2% of the first $132,900 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 $1,499.67. Her net pay for the month is: (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 8,738. 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 $1,449.87. Her net pay for the month is:
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Portia Grant is an employee who is paid monthly. for the month of Jan of the current year, she earned a total of 8,538. the FICA tax for social security is 6.2% of the first 128,400 of employee earnings each calendar year and the FICA tax 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 1,416.67. her net pay for the month is?

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