1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Thepotemich [5.8K]
3 years ago
5

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 F

ICA 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?
Business
1 answer:
Valentin [98]3 years ago
5 0

Answer:

$1,027.86

Explanation:

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

Therefore the total amount of taxes withheld from the Trey’s earnings is $1,027.86

You might be interested in
What are some of the barriers to good communication?
BigorU [14]
The use of jargon. ...
Emotional barriers and taboos. ...
Lack of attention, interest, distractions, or irrelevance to the receiver. ...
Differences in perception and viewpoint.
Physical disabilities such as hearing problems or speech difficulties.
7 0
3 years ago
The accountant of​ Omega, Inc. failed to make an adjusting entry to record​ $6,000 of unearned service revenue that has now been
Galina-37 [17]

Answer:

The answer is A. The total revenue will be understated

Explanation:

Unearned revenue is when the amount or money has been received before providing the service. For example, a manufacturer has received money from a customer for a product that will be delivered over a period of time, let's say every month.

Unearned revenue is a liability but the failure to make an adjusting entry in the income statement will understate revenue because as the product is being delivered monthly, the accountant should be recognizing it as revenue in the Income statement. As this is recognized as revenue, unearned revenue account decreases with the same amount monthly

8 0
3 years ago
As of December 31, the Stanford company has the following information. Use this information to answer questions 1 to 3.
Luba_88 [7]
It would determine that the answer is 50k
8 0
3 years ago
How did the Union blockade of the southern coast affect the Confederacy during the Civil War?
Alla [95]

Answer: It contributed to shortages of weapons and food.

Explanation:

As soon as the Civil War broke out, the President Lincoln ordered the Navy to blockade Southern ports so that they would not be able to get supplies from sympathetic nations.

The blockade had the desired effect because it contributed to shortages of weapons and food and ensured that the Union had significantly more resources to fight than the Confederacy did throughout the war.

4 0
3 years ago
Read 2 more answers
For Gee-Whiz Devices calculate the following: working capital, current ratio, and acid-test ratio Gee-Whiz Devices Balance Sheet
Zarrin [17]

Answer:

1. Working Capital

= Current Assets - Current Liabilities

= (  Cash + Marketable Securities + Net accounts and notes receivable + Retailers Inventories + Prepaid expenses) - ( Accounts and notes payable(Short term) + Accrued expenses)

= ( 100,000 + 45,000 + 150,000 + 200,000 + 8,000) - ( 315,000 + 90,000)

= $98,000

2. Current Ratio

= Current Assets/ Current Liabilities

= (  Cash + Marketable Securities + Net accounts and notes receivable + Retailers Inventories + Prepaid expenses) / ( Accounts and notes payable(Short term) + Accrued expenses)

=  ( 100,000 + 45,000 + 150,000 + 200,000 + 8,000) / ( 315,000 + 90,000)

= 1.24

3. Quick Ratio

= (Current Assets - Inventory) / Current Liabilities

=  ( 100,000 + 45,000 + 150,000 + 8,000) / ( 315,000 + 90,000)

= 0.75

8 0
3 years ago
Other questions:
  • Tyler owns a property within the city limits of a town that is on the mississippi river. who owns the land under this navigable
    11·1 answer
  • The following two graphs show the markets for smartphones in Sweden and Norway. Use the graphs to answer the questions that foll
    13·1 answer
  • Taurus's gross pay for the week is $980. his yearly pay is under the limit for oasdi. assume that the rate for state and federal
    11·1 answer
  • If there were 70000 pounds of raw materials on hand on January 1, 100000 pounds are desired for inventory at January 31, and 250
    6·1 answer
  • It is unwise to take a questionnaire designed for online administration and simply let the questionnaire design system present i
    11·1 answer
  • On January 1, 2020, Levy Company issues 100 x 5% bonds with a face value of $1500, The bonds mature on December 31, 2030 and pay
    5·1 answer
  • Which organization compiles data on individuals and businesses to report on their credit?
    5·1 answer
  • Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June Manu
    11·1 answer
  • A company makes travel umbrellas. Its fixed costs are $1000 a week and its variable costs for one batch of umbrellas are $500 fo
    8·1 answer
  • What is an arrangement in which the supplier maintains title to the inventory until it is​ used?.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!