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%, 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's pay. The amount of federal income tax withheld from her earnings was $1,449.87. Her net pay for the month is O $7161.43 O $6185.67 O $6,566.00 O $6.61967 O $5116.13

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
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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 $8,738. The FICA tax for social security is
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's pay.
The amount of federal income tax withheld from her earnings was $1,449.87. Her
net pay for the month is
O $7161.43
O $6185.67
O $6,566.00
O $6.61967
O $5116.13
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 $8,738. The FICA tax for social security is 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's pay. The amount of federal income tax withheld from her earnings was $1,449.87. Her net pay for the month is O $7161.43 O $6185.67 O $6,566.00 O $6.61967 O $5116.13
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