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 $128,400 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.)

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Quizplus · Accepted Answer

The total taxes withheld include Social Security tax ($8,260 * 6.2% = $512.12), Medicare tax ($8,260 * 1.45% = $119.77), FUTA tax ($7,000 * 0.6% = $42.00), SUTA tax ($7,000 * 5.4% = $378.00), and federal income tax ($1,325.17). Adding these gives $512.12 + $119.77 + $42.00 + $378.00 + $1,325.17 = $1,957.06.

Portia Grant Is an Employee Who Is Paid Monthly