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 $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of .6% 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 $1,325.17. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiple Choice $7,194.11 $6,422.71 $5,868.94 $6,302.94 $6,246.94
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 $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The Federal
Multiple Choice
$7,194.11
$6,422.71
$5,868.94
$6,302.94
$6,246.94
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