During a period of inflation, the Fed is likely to: a. sell government securities to banks in order to reduce the amount of loanable funds. b. buy government securities from banks in order to reduce the amount of loanable funds. c. cut the discount rate to increase the affordability of loanable funds. d. cut the required reserve ratio in order to reduce the amount of excess reserves banks have to loan out.

Portia grant is an employee who is paid monthly. for the month of january of the current year, she earned a total of $8,388. the fica tax for social security is 6.2% of the first $118,500 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 $1,391.77. what is the total amount of taxes withheld from the portia's earnings?