PSc 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: Tony Daniels (Married; 4 federal withholding allowances) earned weekly gross pay of $800.Federal income tax withholding = $2: Mario Gonzales (married; 5 federal withholding allowances) earned biweekly gross pay of $2,025. He participates in a flexible spending account, to which he contributes$100 during the period.Federal income tax withholding = $3: Angela Brown (single; 3 federal withholding allowances) earned monthly gross pay of $5,170. For each period, she makes a 401(k) contribution of 12% of gross pay.Federal income tax withholding = $4: Linda Sykes (single; 1 federal withholding allowance) earned semimonthly gross pay of $2,700. She participates in a cafeteria plan, to which she contributes $150 duringthe period.Federal income tax withholding = $_

Tony Daniels, Married (Earned weekly gross pay of $800) Federal Income Tax withholding =$19.20 +…

Answered: 1: Tony Daniels (Married; 4 federal…

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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Armand Giroux (single; 0 federal withholding allowances) earned weekly gross pay of $1,445. For each period, he makes a 401(k) retirement plan contribution of 6.5% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 1.15% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.75% of an employee's taxable pay on nonresidents.Federal income tax withholding = $ State income tax withholding = $
William Harrison (single; 1 federal withholding allowance) earned biweekly gross pay of $990. He contributes $75 to a flexible spending account during period. Federal income tax withholding=$
Rick Portnoy's filing status is head of household, and he has earned gross pay of $1,300. Each period he contributes $40 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $206,100. Total Medicare Tax = $
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 = $
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Kristy Dunaway has biweekly gross earnings of $1,550. What are her total Social Security and Medicare tax withholdings (in $) for a whole year? Social Security$ Medicare$
A Note: Enter ALL values as positive numbers and assume that Standard Withholding is used. Or F Michael Jordan is married (filing jointly) and earns $1,421 weekly. ga G Employee: Jordan, Michael de in Weekly Earnings $1,421.00 W Ai Federal Income Tax Withholding: Hope Solo is single and has biweekly wages of $1,165. Employee: Solo, Hope Biweekly Earnings $1,165.00 Federal Income Tax Withholding:
1. Ms. Evelyn is tax compliance officer at the Bureau of internal revenue earning a monthly salary P35,196.00. How much is Ms. Evelyn's take home pay? 2. Allan S. Gala is a sales representative at a private pharmacy. He is given a monthly rice subsidy of P2,000.00. Over his monthly salary of P24,300.00. How much is his monthly net pay?
Jason Chen owns a business called Chen Home Building. He does his banking at Citizens National Bank in Seattle, Washington. The amounts in his general ledger for payroll taxes and the employees' withholding of Social Security, Medicare, and federal income tax payable as of April 15 of the current year are as follows: Social Security tax payable (includes both employer and employee) $11,250 Medicare tax payable (includes both employer and employee) 2,625 FUTA tax payable 660 SUTA tax payable 3,850 Employee income tax payable 5,860 Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--, and the payments of the FUTA and SUTA taxes on April 30, 20--. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Apr. 15 1 2 2 3 3 4 4 5 Deposit of employee federal income tax and Social Security and Medicare taxes 5 6…
My daughter earns a salary of $40,800 per year, payable monthly. She is married and claims four withholding allowances. What is her federal income tax? Gross monthly is $3400
Erica has the following: Salary = $30,000; RPP contribution = $2,000; mortgage interest = $1,000; Union dues = $800; Basic Personal Amount = $11,635. Her federal income tax rate = 15%. What amount of federal income tax does Erica owe? A) $2,335 B) $4,200 C) $2,259 D) $2,829
Page 4 of 4 12. Mr. Bean receives a monthly basic salary of P38,000. He also receives P2,000 monthly for the rice subsidy, P 2,000 overtime pay, and P 500 for laundry allowance. Solve for the following : A.Suppose Mr. Bean is working in the GOVERNMENT SECTOR : GSIS Contribution Philhealth Contribution PAG-IBIG Contribution Income Tax NET PAY A.Suppose Mr. Bean is working in the PRIVATE SECTOR: SSS Contribution Philhealth Contribution PAG-IBIG Contribution Income Tax NET PAY
(2) Use the appropriate table to determine the amount to withhold for federal income tax from each of the following biweekly wages: Patrick Patrone (single), $925 wages $fill in the blank 1 Carson Leno (married filing jointly), $1,195 wages $fill in the blank 2 Carli Lintz (single), $700 wages $fill in the blank 3 Gene Hartz (single), $5,200 wages $fill in the blank 4 Mollie Parmer (married filing jointly), $4,000 wages $fill in the blank 5 fullscreen

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