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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Maria Moore files as married filing jointly on her tax retum and eamed weekly gross pay of $700. For each pay period she makes a fesitle spending account Sontribution of 3% of gross pay. Maria checked box 20 on Fom W-4. entered $500 in step 3 of the form, and did not enter any information in aleo 4 of the form Federal income tax withholding S Tentative Federal Income Tax Withholding =S 96.30 106 0
1. Daniel Simmons arrived at the following tax information: Gross salary, Page 121 Standard deduction, $12,400 Interest earnings, $75 $62,250 Dividend income, Adjustments to $140 income, $850 What amount would Daniel report as taxable income? (LO3.2)
US Tax Law Taxpayer is single and has the following items: state taxes withheld, $7,500; property taxes $6,000; DMV, $500. His state tax deduction on schedule A would be A. $14,000 B. $13,500 C. $6500 D. $10,000 E. Some other amount
1. Richard's monthly salary is $8,600. Income tax schedule First $3,000.. no tax $3,001 to $5,000....10% Above $5,000....28% Required: a) Compute his total income tax liability b) Compute his net pay
Find the amounts that are missing from this summary of an income tax return: a. Gross income $42,685 b. Adjustments to income $3,670 c. Adjusted gross income d. Deductions $8,978 e. Adjusted gross income less deductions f. Exemptions (4 $3,100) $12,400 g. Taxable income Vince Bottolito's adjusted gross income on his federal tax return was $53.748. He claimed the standard deduction of $4,850, and one exemption at $3,100. What was Vince's taxable income? The Valek's gross income last vear was $64.890. They had adjustments to income totaling S3.829. Their deductions totaled $12.502. and they had four exemptions at S3.100 each. Find their taxable income.
James Rowles files as single on his tax return and earned weekly gross pay of $792. For each pay period he makes a 401(k) contribution of 3% of gross pay. James checked box 2c on Form W-4 and did not enter any information in steps 3-4 of the form. Federal income tax withholding =
The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Alicia, age 27, is a single, full-time college student. She earns $13,200 from a part-time job and has taxable interest income of $1,450. Her itemized deductions are $845. Table for the standard deduction Filing Status Standard Deduction Single $12,400 Married, filing jointly 24,800 Married, filing separately 12,400 Head of household 18,650 Qualifying widow(er) 24,800 Calculate Alicia's taxable income for 2020. $fill in the blank 1
Emanuel Simon earns $1,088 semimonthly, single, 1 w. allowance. Use % method to find total tax.
A single taxpayer provided the following information: Salary $45,000 Interest Income from a state bond $5,000 Allowable itemized deductions $8,000 What is taxable income? Hint, look at the tax formula. $17,300 $31,150 $37,000 $37,050
If Bob Joe has a total earnings of $2080.00 for dec 20th, XXXX. He is Married with 3 with holding allowances, what is the federal income tax deduction using the percentage method?
John Woods’ weekly gross earnings for the present week were $2,500. Woods has two exemptions. Using an $80 value for each exemption and the tax rate schedule below, what is Woods’ federal income tax withholding? Single person (including head of household) If amount of wages (aftersubtractingwithholding allowance) is: The amount of income taxwithholding is: Not over $43 $0 Over – But not over – of excess over – $43 –$222.......$0.00 plus 10% –$43 $222 –$767.......$17.90 plus 15% –$222 $767 –$1,796....$99.65 plus 25% –$767 $1,796 –$3,700....$356.90 plus 28% –$1,796 $3,700 –$7,992....$890.02 plus 33% –$3,700 $7,992 –$8,025....$2,306.38 plus 35% –$7,992 $8,025 .................$2,317.93 plus 39.6% –$8,025
Michael Daugherty (married; 5 federal withholding allowances) earned weekly gross pay of $855. For each period, he makes a 403(b) retirement plan contribution of 12% of gross pay.Using wage-bracket method: Federal income tax withholding = $Using percentage method: Federal income tax withholding = $

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1: Juan Hoffman (single; 2 federal withholding allowances) earned weekly gross pay of $445. Federal income tax withholding = $