Question
In: Accounting
Portia Grant is an employee who is paid monthly. For the month of January of the...
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 FICA tax for social security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% 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 $1,325.17. What is the total amount of taxes withheld from the Portia’s earnings? (Round your intermediate calculations to two decimal places.)
A- $3,097.17
B- $2,443.21
C- $1,957.06
D- $1,722.00
E- $1,495.36
Solutions
Expert Solution
The Answer is “C- $1,957.06”
Total amount of taxes withheld from the Portia’s earnings = $1957.06
Total amount of taxes withheld = Federal Income Tax + FICA tax for social security + FICA tax rate for Medicare
= $1,325.17 + [ $8,260 x 6.20%] + [$8,260 x 0.60%]
= $1,325.17 + 512.12 + 119.77
= $1,957.06
ekkarill92 answered 2 years agoRelated Solutions
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