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Darina [25.2K]
3 years ago
10

Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 8,488. 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?
A) $3,097.17.
B) $2,443.21.
C )$1,957.06.
D) $1,722.00.
E) $1,495.36.
Business
1 answer:
Irina-Kira [14]3 years ago
6 0

Answer: $1,974.51

Explanation:

FUTA and SUTA taxes are the responsibility of the employer so the amount withheld from Portia's earnings will be;

= Social security tax  + Medicare tax  + Federal income tax withheld

= (0.062 * 8,488) + ( 0.0145 * 8,488) + 1,325.17

= 526.26 + 123.08 + 1,325.17

= $1,974.51

<em>Option is not given but this is the answer.</em>

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Discouraged workers are not counted as part of the labour force and they are not considered to be unemployed.

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6 0
2 years ago
Park &amp; Company was recently formed with a $6,200 investment in the company by stockholders in exchange for common stock. The
KengaRu [80]

Answer:

a) $14,600.

Explanation:

The computation of the company total assets are shown below:

= Cash balance + supplies balance + equipment balance

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= $6,200 + $3,200 - $2,120

= $7,280

And, the other item values would remain the same

Now put these values to the above formula  

So, the value would equal to

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4 0
3 years ago
This year, the Tastee Partnership reported income before guaranteed payments of $161,500. Stella owns a 40% profits interest and
Aloiza [94]

Answer

The answer and procedures of the exercise are attached in the image below.  

Explanation  

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5 0
3 years ago
Which of the following is not an example of IFRS simplified for SMEs?
Ludmilka [50]

Answer:

b. all development cost are expensed as incurred

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3 years ago
M1 includes more than just currency because
MariettaO [177]

Answer: Option (A) is correct.

Explanation:

Correct Option: Other assets can also be used to make transactions to buy goods and services.

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2 years ago
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