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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Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Federal Gross Income Employee Filing Status Allowances Income Withholding Sarah $10,000 $962 $1,362 Joe $8,000 $7,000 Kevin $357 Lemur's payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31. If required, round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank. Dec. 31 Married Single Single 4 1
please answer within 30 minutes..
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 = $ ×
Q) Find the federal withholding tax using the wage bracket method for each of the following employees. Kerry Cook: 1 withholding allowance, single, $2165.17 monthly earnings Mary Jackson: 2 withholding allowances, married, $639.80 weekly earnings Julie Pendleton: 0 withholding allowances, single, $1843.19 monthly earnings L. Sanchez: 3 withholding allowances, married, $521.10 weekly earnings B. Maynard: 4 withholding allowance, married, $2484.97 monthly earnings
3. Jordan Peters (single; 3 federal withholding allowances) earned monthly gross pay of $2,300. He contributes $150 to a flexible spending account during the period. Using wage-bracket method: Federal income tax withholding=$ Using percentage method: Federal income tax withholding=$
K Calculate the change in monthly take-home pay when the following tax-deferred contribution is made. A person is single and has a taxable income of $25,000. The person makes monthly contributions of $100 to a tax-deferred savings plan. The monthly take-home payment is reduced by $ (Simplify your answer.) CO Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption per person) Single up to $9325 up to $37,950 up to $91,900 up to $191,650 up to $416,700 up to $418,400 above $418,400 $6350 $4050
1 Federal Income Tax Withholding Bob Avery's weekly gross earnings for the present week were $2,550. Avery has three exemptions. Using the wage bracket withholding table in Exhibit 2 with a $81 standard withholding allowance for each exemption, what is Avery's federal income tax withholding? Round your answer to two decimal places.
Sabrina Duncan had gross earnings for the pay period ending 10/15/20X1 of $5,785. Her total gross earnings as of 9/30/20X1 were $126,600. If Social Security taxes are 6.2% on a maximum earnings threshold of $132,900 per year, Sabrina’s Social Security withheld from her 10/15/20X1 paycheck would be: Multiple Choice $358.67 $220.47 $216.07 $390.60
Mary Matthews made $950 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married and claims 2 allowances. (Use Wage Bracket Method) Round your answer to two decimal place.
What amount is withheld yearly for state income tax?
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 = $
3:Rudolph Fabrizio earned gross pay of $3,200. Each period he contributes 3% of gross pay to a flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $136,200.Total Social Security tax = $

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