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 FICA 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?
A) $1,027.86
B) $680.70
C) $1,375.02
D) $746.50
E) $962.06
Correct Answer:
Verified
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