Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. portia grant is an employee who is paid monthly. f

Portia Grant is an employee who is paid monthly. For the month of January of...

50.1K

Verified Solution

Question

Accounting

image

Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,588. 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 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 $1,424.97. Her net pay for the month is: (Round your intermediate calculations to two decimal places.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Find the derivative of the function.f(x)= =10??x+ 8cos xStep 1Rewrite the function f(x) using an...

Basic Math
Q

Use the ogive below to approximate the cumulative frequency for 24 hours Cumulative frequency Number...

Statistics
Q

Use power series operations to find the Taylor series at x 0 for the following...

Calculus
Q

i x 6x 11x 6

Calculus
Q

A group of 40 trees in a forest are not growing properly. A botanist determines...

Algebra
Q

International Taxation Question Evaluate this statement: The Tax Cuts and Jobs Act made the U.S....

Accounting
Q

22. Which of the following is included in the cost of constructing a building? A....

Accounting
Q

5) Gasoline in Italy cost 1.62 euros per liter. Determine the cost per gallon in...

Accounting
Q

XYZ Ltd will increase its production volume for Product A next year.To promote Product A...

Accounting
Q

Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a...

Accounting
Q

Please answer those 2 questions or at least 1 of them with details. ...

Finance
Q

BRIEF EXERCISE 9-7 Deciding Whether to Accept or Reject a Special Order [LO1 - CC5]...

Accounting