What is total amount of taxes withheld from portias earnings

Assignment Help Accounting Basics
Reference no: EM131959435

Problem

Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,838. The FICA tax for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate of 0.8% 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 $1,466.47. What is the total amount of taxes withheld from the Portia's earnings?

Reference no: EM131959435

Questions Cloud

What is the value of the net working capital to total assets : Jemison's hardware has accounts payable of $682, inventory of $3, 608, cash of $340, fixed assets of $4, 211, accounts receivable of #418, and long-term debt.
What should be the charge to depletion expense per ton : If Porter maintains no inventories of extracted material, what should be the charge to depletion expense per ton of extracted material?
Deciding to renew a tenant lease : What are some of the considerations a landlord must consider when deciding to renew a tenant lease?
What is the equity method balance of domingos investment : What Is the equity method balance of Domingo's Investment in Martez, Inc., at December 31, 2015?
What is total amount of taxes withheld from portias earnings : The amount of federal income tax withheld from her earnings was $1,466.47. What is the total amount of taxes withheld from the Portia's earnings?
Calculate the depreciation expense for year ended december : Using the double-declining-balance depreciation method, calculate the depreciation expense for the year ended December 31, 2018.
Choose development needs : 1) Choose 3 development needs that you believe are most important to you. Explain your choice
Prepare all adjusting entries required on december : Prepare journal entries for each of these transactions. Prepare all adjusting entries required on December 31
What is jax and taras tax due-refund : Jax, 35, and Tara, 34, are married and have two kids Abel, 6, and Thomas, 6 months. Gemma, Jax's mother, also lives with Jax and Tara.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd