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 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?

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Quizplus · Accepted Answer

To calculate the total taxes withheld:  1. Social Security tax: $8,260 * 6.2% = $512.12  2. Medicare tax: $8,260 * 1.45% = $119.77  3. FUTA tax: $7,000 * 0.6% = $42.00  4. SUTA tax: $7,000 * 5.4% = $378.00  5. Federal income tax: $1,325.17  Total taxes withheld = $512.12 + $119.77 + $42.00 + $378.00 + $1,325.17 = $1,957.06

Portia Grant Is an Employee Who Is Paid Monthly