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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

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3 years ago
________________ analyzes how we choose to use our resources on an aggregate (national)level and includes measures of performanc
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Macroeconomics is the branch of economics which deals with largescale or general economic factors like interest rates and national productivity. The correct answer is Macroeconomics.

<h3><u>What does Macroeconomics deal with?</u></h3>
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8 0
1 year ago
Are the following statements true or false? The difference between savings and investments is that savings is money set aside fo
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Answer:

That statement is true.

Explanation:

Basically, You put your money in saving if you intended to use that money for future consumption. You put your money in investment if you intended to make financial gain out of it.

For example,

Let's say that you want to buy a laptop that cost $700. You only able to spend $350 per month since you have to consider other more important payment such as rent or food. So you set aside $350 for two month and purchase the laptop at the end of the second month. This is an example of saving.

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8 0
3 years ago
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Can a trend serve as a business opportunity?<br> A.)True<br> B.)False
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It can hop on the trend to seem appealing. Ex: in the early 2000s, crop tops where a trend, so businesses where all making shirts that are crop tops so people would buy them.

8 0
1 year ago
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Answer:

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So the best choice is option c.

5 0
3 years ago
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