iew History Bookmarks Window Help 39D s page1 pters 9 10 He

iew History Bookmarks Window Help 39%D s page1 pters 9 & 10 Help Save&Exit; Submit Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8.338. 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 $7000 of an employee\'s pay. The amount of federal income tax withheld from her earnings was $1,383.47. What is the total amount of taxes withheld from the Portia\'s earnings? (Round your intermediate calculations to two decimal places.) Multiple Choice $1,504.37 $2,02133 $2.455.33 x,

Solution

Answer :- Option b). $ 2,021.33

Explanation :- Total amount of taxes withheld = 8338 * (6.2 % + 1.45 %) + 1383.47

= 8338 * 7.65 % + 1383.47

= 637.857 + 1383.47

= $ 2021.327 (Rounded off to $ 2021.33)