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

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% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate of .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. Her net pay for the month is:

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

Advance Math
1.2K views

1. Set-up the appropriate differential equation(s) and solve to derive the general equation of motion for a...

General Management
1.2K views

What are the major differences between the Civil Law System and the Common Law System? Provide...

Advance Math
1.2K views

Solve the initial value problem. (x^2 * D^2 +xD - 4i) * y = x^3, y(1)...

Physics
1.2K views

man of mass M stands at one end of a plank of length I of...

Basic Math
1.2K views

The speaker constructs a formula for the distance from the origin to a particular point...

Statistics
1.2K views

se the probability distribution or histogram to find the a mean b variance c standard...

Calculus
1.2K views

Use part one of the fundamental theorem of calculus to find the derivative of the...

Accounting
1.2K views

Presented below is...

Accounting
1.2K views

The balance of an appropriated retained earnings account is reduced: ...

Accounting
1.2K views

On May 12 of year 1 Javier purchased a building, including the land it was...

Accounting
1.2K views

A company has the following at the end of the year: \table[[Inventory,Quantity,Purchase Cost,Market Value,],[Item...

Finance
1.2K views

Presently, US laws allow US firms to park their profits from foreign operations abroad. Discuss...