Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $9,138. 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 $1,516.27. What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculations to two decimal places.) Multiple Choice $2,215.33 $2,701.48 $3,355.44 $2,010.00 $1,699.19
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $9,138. 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 $1,516.27. What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculations to two decimal places.) Multiple Choice $2,215.33 $2,701.48 $3,355.44 $2,010.00 $1,699.19
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Dineshbhai
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 $9,138. 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 $1,516.27. What is the
total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculations to two decimal places.)
Multiple Choice
$2,215.33
$2,701.48
$3,355.44
$2,010.00
$1,699.19
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education