Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,540. 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 $680.70. What is the total amount f taxes withheld from the Trey's eamings? Multiple Choice O OO $1,375.02 $746.50 $962.06 $1,028.01 $680.70

Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,540. 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 $680.70. What is the total amount f taxes withheld from the Trey's eamings? Multiple Choice O OO $1,375.02 $746.50 $962.06 $1,028.01 $680.70

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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