PSb 3-4 Calculate Federal Income Tax Withholding Using the Percentage Method (pre-2020 Form W-4)For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to the FederalTax Tables in Appendix A of your textbook.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.Publication 15-T (2020)1: Juan Hoffman (single; 2 federal withholding allowances) earned weekly gross pay of $445.Federal income tax withholding = $2: William Harrison (single; 1 federal withholding allowance) earned biweekly gross pay of $990. He contributes $75 to a flexible spending account during the period.Federal income tax withholding = $3: Loretta Goulet (married; 3 federal withholding allowances) earned monthly gross pay of $2,800. For each period, she makes a 401(k) contribution of 14% of gross pay.Federal income tax withholding = $4: Louise Simpson (married; 9 federal withholding allowances) earned semimonthly gross pay of $2,300. She contributes $100 to a cafeteria plan during the period.Federal income tax withholding = $

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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John Moyer (married; 6 federal withholding allowances) earned monthly gross pay of $3,150. He participates in a flexible spending account, to which he contributes $265 during the period.Using wage-bracket method: Federal income tax withholding = $Using percentage method: Federal income tax withholding = $
Darius' net income from self-employment reported on Schedule C is $25,000. Calculate his self-employment tax. Group of answer choices $1,766 $23,088 $3,825 $3,532
3. Loretta Goulet (married; 3 federal withholding allowances) earned monthly gross pay of $2,800. For each period, she makes a 401(k) contribution of 14 gross pay. Federal income tax withholding=$
Kenneth McFarland's weekly gross earnings for the week ending March 9 were $2,170, and her federal income tax withholding was $390.60. Assuming the social security tax rate is 6% and Mcdicarc tax is 1.5% of all carnings, what is McFarland's net pay? If required, round your answer to two decimal places.
A single person has taxable income of $85,000 per year. She earns $1,800 in interest from a certificate of deposit. How much federal income tax expense will be calculated on these earnings? Tax year 2019. Deduction amount 12,200. Tax rate 24%
Thomas Fortuna (married; 4 federal withholding allowances) earned weekly gross pay of $745. For each period, he makes a 401(k) retirement plan contribution of 10% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $ 2:Barbara Houlihan (single; 1 federal withholding allowance) earned daily gross pay of $320. For each period, she makes a 401(k) contribution of 12% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $ 3:Marcus Xavier (married; 5 federal withholding allowances) earned monthly gross pay of $3,650. He participates in a flexible spending account, to which he contributes $200 during the period. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $
Linda Sykes (single; 1 federal withholding allowance) earned. semimonthly gross pay of $2,715. She participates in a cafeteria plan, to which she contributed $135 during the period. Federal income tax withholding = $
1. Alfred Morneau earned gross pay of $640. Each period he makes a 401(k) contribution of 7% of gross pay, and his current year taxable earnings for Social Security tax, to date, are $58,300.Total Social Security tax = $ 3. Rudolph Fabrizio earned gross pay of $3,600. Each period he contributes 4% of gross pay to a flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $158,900.Total Social Security tax = $
A married employee who earns $17/hour, works 38 hours during a recent week, is paid weekly, and claims 6 federal withholding allowances has $_____ in federal income tax withholding under the wage-bracket method.
Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and has a gross income of $92,700. His allowable deductions for adjusted gross income are $4,200, and his itemized deductions are $18,350. The standard deduction for 2020 is $12,400. Round all final amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is 70,150 v and his tax liability is $ for 2020. Feedback b. If Hongtao has $11,800 withheld from his salary during 2020 then Hongtao has a refund v of s Feedback c. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $25,000, and she has $1,300 withheld from her paycheck. They file jointly. The standard deduction for 2020 is $24,800. Their taxable income is and their tax liability is $ for 2020. They will receive a refund v of $
1: Mortimer Klein earned gross pay of $1,340. Each period he makes a 401(k) contribution of 3% of gross pay. His current year taxable earnings for Social Security tax, to date, are $184,600. Total Social Security tax = $ × 2: Helena Smith earned gross pay of $2,000. She does not make any retirement plan contributions. Her current year taxable earnings for Social Security tax, to date, are $137,500. Total Social Security tax = $ 3: Kasey Wolfe earned gross pay of $1,140. Each period he contributes 1.5% of gross pay to a flexible spending account. His current year taxable earnings for Social Security tax, to date, are $71,900. Total Social Security tax = $ 4: Matthew Pugh earned gross pay of $840. Each period he designates 3% of gross pay for a dependent care flexible spending account. His current year taxable earnings for Social Security tax, to date, are $137,900. Total Social Security tax = $ ×
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1: Juan Hoffman (single; 2 federal withholding allowances) earned weekly gross pay of $445. Federal income tax withholding = $