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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![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 cmployce's pay. The amount of federal income tax withheld from her carnings was $1,483.07. Her net pay for the month is: (Round
your intermediate calculations to two decimal places.)
Multiple Choice
56,715.17
S6,771.17
56,33717
$6,900,77](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff9af5893-14ac-4890-be53-525b31cbd647%2F97d489b6-5d18-4bef-867c-9c0073c10357%2F4cixjxf_processed.jpeg&w=3840&q=75)
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 $8,938. 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 cmployce's pay. The amount of federal income tax withheld from her carnings was $1,483.07. Her net pay for the month is: (Round
your intermediate calculations to two decimal places.)
Multiple Choice
56,715.17
S6,771.17
56,33717
$6,900,77
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