Trey Morgan is an employee who is paid monthly. For the month of January of the...
Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,538. 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 for both the employee and the employer. The amount of federal income tax withheld from his earnings was $680.70. What is the total amount of taxes withheld from the Trey's earnings?
Multiple Choice
$1,375.02
$746.50
$962.06
$1,027.86
Homework Answers
D. $1,027.86
Total Taxes = Federal Income Tax + FICA-SS Tax + FICA-Medicare Tax
Total Taxes = $680.70 + ($4,538.00 × 0.062) + ($4,538.00 × 0.0145)
Total Taxes = $680.70 + $281.36 + $65.80
Total Taxes = $1,027.86
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Trey Morgan is an employee who is paid monthly. For the month of January of the...
Trey Morgan is an employee who is paid monthly. For the month of January of the...
Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,538. 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 for both the employee and the employer. The amount of federal income tax withheld from his earnings was $680.70. What is the total amount of taxes withheld from...
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Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,538. 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 for both the employee and the employer. The amount of federal income tax withheld from his earnings was $680.70. What is the total amount of taxes withheld from...
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