Question

Adrian Mayse is an employee who is paid monthly. For the month of January of the current year, he earned a total of $6.240. The Federal insurance Contributions ACt (FICA) tax for social security is 6.2% of the first $137700 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 $850.70. What is the total amount of taxes withheld from Adrian's earnings? Multiple Choice $1,32806 51,805.12 $1,237,46 59415 $85070

Answer 1

The total amount of taxes withheld from Adrian's earnings is $1,328.06, calculated by summing the social security, Medicare, and federal income taxes.

Step-by-step explanation:

The total amount of taxes withheld from Adrian Mayse's earnings for the month of January can be calculated by adding the amounts of social security tax, Medicare tax, and federal income tax withheld. To do so, we use the provided percentages to calculate each tax:

• Social Security Tax = 6.2% of monthly earnings ($6,240) = $386.88
• Medicare Tax = 1.45% of monthly earnings ($6,240) = $90.48
• Federal Income Tax = already provided as $850.70

Now, we add these amounts together to find the total:

Total Taxes Withheld = Social Security Tax + Medicare Tax + Federal Income Tax

Total Taxes Withheld = $386.88 + $90.48 + $850.70

Total Taxes Withheld = $1,328.06

Answer 2

To calculate the total amount of taxes withheld, you need to calculate the FICA taxes for social security and Medicare, and add them to the federal income tax amount withheld.

Step-by-step explanation:

This question falls under the subject of Mathematics and is appropriate for High School students.

To calculate the total amount of taxes withheld from Adrian's earnings, we need to calculate the FICA taxes for social security and Medicare, and add them to the federal income tax amount withheld.

To calculate the FICA tax for social security, we multiply Adrian's earnings for January ($6,240) by the FICA tax rate for social security (6.2%) and divide by 100. This gives us $387.68.

To calculate the FICA tax for Medicare, we multiply Adrian's earnings for January ($6,240) by the FICA tax rate for Medicare (1.45%) and divide by 100. Since both the employee and employer contribute to Medicare, we multiply this amount by 2. This gives us $180.48.

The total amount of taxes withheld is the sum of the federal income tax amount withheld ($850.70) and the FICA taxes for social security and Medicare. Adding these amounts together, we get $850.70 + $387.68 + $180.48 = $1,418.86.

Therefore, the total amount of taxes withheld from Adrian's earnings is $1,418.86.