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 Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 earned 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 0.6% 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 $1,499.67. What is the 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 $9,038. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 earned 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 0.6% 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 $1,499.67. What is the 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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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 $9,038. The Federal Insurance Contributions Act (FICA) tax for social
security is 6.2% of the first $137,700 earned 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 0.6% 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 $1,499.67. What is the total amount of taxes withheld from
the Portia's earnings? (Round your intermediate calculations to two decimal places.)
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