Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $5,740. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137.700 earned each calendar year, and the Federal Insurance Contributions Act (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 $800.70. What is the total amount of taxes withheld from the Trey's earnings? Multiple Choice $1,678.62 $883.90 $1,156 46 O $1.239.81 $800,70
Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $5,740. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137.700 earned each calendar year, and the Federal Insurance Contributions Act (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 $800.70. What is the total amount of taxes withheld from the Trey's earnings? Multiple Choice $1,678.62 $883.90 $1,156 46 O $1.239.81 $800,70
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 5E: For tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000...
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