Portia Grant Is An Employee Who Is Paid Monthly?

  • Portia Grant is an employee who receives her pay on the first of every month.
  • She brought in a total of $8,260 in revenue during the month of January of the current year.
  • The Federal Insurance Contribution Act (FICA) tax rate for social security is 6.2 percent of the first $118,500 in wages that an employee receives in a given calendar year, while the FICA tax rate for Medicare is 1.45 percent of all earnings.
  • Both rates are referred to as the FICA tax rate.

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