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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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$16,500

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= $66,000 × 25%

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Simply we multiplied the amount not included with the enacted tax rate for 2022 year so that the correct amount could come

And, we ignored the other information given in the question

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What is a competency based interview?
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A house is sold for $105,500 and the commission rate is 6 percent. If the commission is split 60/40 between the selling broker a
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4 years ago
Argue that use of english is important to chartered accountant​
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There are several ways that a CA aspirant can become fluent in the English language. The best way is to take short-term English language classes that will give some fluency in English. There are several such English courses available from leading institutes in India. Also, you can take simple online English language courses to improve English language fluency.

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