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Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $6,540.
Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $6,540. 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 $880.70. What is the total amount of taxes withheld from the Trey's earnings? Multiple Choice $1,881.02 $975.50 $1,286.06 $1,381.01 $880.70
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