Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,938. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all carnings. The Federal Unemployment Taxes (FUTA) tax rate of 0.6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% arc applicd to the first $7,000 of an omploycc's pay. The amount of fedoral income tax withhcld from her carnings was $1,483.07. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiole Choice $6,715.17 S6,771.17
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,938. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all carnings. The Federal Unemployment Taxes (FUTA) tax rate of 0.6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% arc applicd to the first $7,000 of an omploycc's pay. The amount of fedoral income tax withhcld from her carnings was $1,483.07. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiole Choice $6,715.17 S6,771.17
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 73TA
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