FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 $8,260
The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137700 earned each calendar year
and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 145% of all earnings. The Federal
Unemployment Taxes (FUTA) tax rate of 06% 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 $1,32517 What is the
total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculetions to two decimal places.)
Multiple Choice
$3,09717
$2,443 21
$2,443.21
$1,957.06
$1,722.00
$1,495.36
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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 $8,260 The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137700 earned each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 145% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of 06% 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 $1,32517 What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculetions to two decimal places.) Multiple Choice $3,09717 $2,443 21 $2,443.21 $1,957.06 $1,722.00 $1,495.36
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