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1: Walter Ferrell (married; 4 federal withholding allowances) earned weekly gross pay of $1,020. For each period, he makes a 401(k) retirement plan contribution of 13.5% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 1.25% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents, and 1.05% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $

1: Walter Ferrell (married; 4 federal withholding allowances) earned weekly gross pay of $1,020. For each period, he makes a 401(k) retirement plan contribution of 13.5% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 1.25% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents, and 1.05% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $

FINANCIAL ACCOUNTING
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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1: Walter Ferrell (married; 4 federal withholding allowances) earned weekly gross pay of $1,020. For each period, he makes a 401(k) retirement plan contribution of 13.5% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 1.25% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents, and 1.05% of an employee's taxable pay on nonresidents. Federal income tax withholding = $_ State income tax withholding = $ Local income tax withholding = $ 2: Lucas Sedaris (married; 3 federal withholding allowances) earned weekly gross pay of $2,800. He participates in a flexible spending account, to which he contributes $150 during the period. The city in which he lives and works levies a tax of 3.1% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 2.4% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 3: Darrell Roper (married; 6 federal withholding allowances) earned weekly gross pay of $1505. He does not request that any voluntary deductions be made from his gross pay. The city in which he lives and works levies a tax of 2.65% of an employee's taxable pay (which is the same for federal and local income tax withholding) on both residents and nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 4: Giuseppe Fortuna (single; 2 federal withholding allowances) earned weekly gross pay of $3,835. He participates in a cafeteria plan, to which he pays $170 during the period. The city in which he works levies a tax of $12/week on employees who work within city limits. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $
Transcribed Image Text:1: Walter Ferrell (married; 4 federal withholding allowances) earned weekly gross pay of $1,020. For each period, he makes a 401(k) retirement plan contribution of 13.5% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 1.25% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents, and 1.05% of an employee's taxable pay on nonresidents. Federal income tax withholding = $_ State income tax withholding = $ Local income tax withholding = $ 2: Lucas Sedaris (married; 3 federal withholding allowances) earned weekly gross pay of $2,800. He participates in a flexible spending account, to which he contributes $150 during the period. The city in which he lives and works levies a tax of 3.1% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 2.4% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 3: Darrell Roper (married; 6 federal withholding allowances) earned weekly gross pay of $1505. He does not request that any voluntary deductions be made from his gross pay. The city in which he lives and works levies a tax of 2.65% of an employee's taxable pay (which is the same for federal and local income tax withholding) on both residents and nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 4: Giuseppe Fortuna (single; 2 federal withholding allowances) earned weekly gross pay of $3,835. He participates in a cafeteria plan, to which he pays $170 during the period. The city in which he works levies a tax of $12/week on employees who work within city limits. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $
2020 Percentage Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or Later WEEKLY Payroll Perlod STANDARD Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 is NOT checked) Form W-4, Step 2, Checkbox, Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 IS checked) of the If the Adjusted Wage Amount (Ilne 1h) Is: If the Adjusted Wage Amount (Ilne 1h) Is: amount that the Adjusted Wage of the The amount that the Adjusted Wage The tentative tentative Plus this But less than- amount to withhold Is: But less amount to Plus this percentage- exceeds- At least- than- withhold Is: At least- percentage- exceeds- C E B D Married Filing Jointly Married Filing Jointly $0.00 0% $238 $428 $0 sO $0 $477 $0.00 0% $0 $238 $0.00 10% $238 $477 $857 $2,020 $3,766 $6,758 $8,452 $12,439 $477 $857 $0.00 10% $19.00 $1,010 $1,883 $3,379 $4,226 $6,220 $428 12% $428 $857 $2,020 $3,766 $6,758 $8,452 $12,439 $38.00 12% $88.84 22% $1,010 $1,883 $3,379 $4,226 $6,220 $1,010 $1,883 $3,379 $4,226 S6,220 $2,020 $177.56 22% $280.90 24% $3,766 $561.68 24% S639.94 32% $6,758 $1,279.76 32% $910.98 35% $8,452 $1,821.84 35% $1,608.88 37% S12,439 $3,217.29 37% Single or Married Filing Separately Single or Married Filing Separately $0.00 $0 $0 $119 $0.00 0% $0 $0 $238 0% $214 $0.00 10% $119 $238 S428 $1,010 $1,883 $3,379 $4,226 $238 $428 $0.00 10% $119 $428 $19.00 12% $214 S505 $9.50 12% $214 $1,010 $1,883 $3,379 $4,226 $10,208 $1,010 $88.84 22% $505 $942 $44.42 22% $505 $1,689 $2,113 $5,104 24% $942 $140.56 24% $942 $1,883 $3,379 $4,226 $10,208 $280.90 32% $1,689 $2,113 $5,104 $319.84 $1,689 $2,113 $639.94 32% $910.98 35% $455.52 35% $3,004.68 37% $10,208 $1,502.37 37% $5,104 Head of Household Head of Household $359 $0.00 0% $0 $0 $179 $0.00 0% $0 $359 $630 $1,391 $2,003 $3,499 $4,346 $359 $630 $0.00 10% $179 $315 $0.00 10% $179 $630 $315 $696 $13.60 $1,391 $2,003 $3,499 $4,346 $10,328 $27.10 12% 12% $315 $1,001 $1,750 $696 $59.32 $1,391 $2,003 $3,499 $4,346 $10,328 $118.42 22% 22% $696 $1,001 $1,750 $2,173 $5,164 $253.06 24% $126.42 24% $1,001 $2,173 $5,164 $612.10 32% $306.18 32% $1,750 $2,173 $883,14 35% $441.54 35% $2,976.84 37% $10,328 $1,488.39 37% $5,164
Transcribed Image Text:2020 Percentage Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or Later WEEKLY Payroll Perlod STANDARD Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 is NOT checked) Form W-4, Step 2, Checkbox, Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 IS checked) of the If the Adjusted Wage Amount (Ilne 1h) Is: If the Adjusted Wage Amount (Ilne 1h) Is: amount that the Adjusted Wage of the The amount that the Adjusted Wage The tentative tentative Plus this But less than- amount to withhold Is: But less amount to Plus this percentage- exceeds- At least- than- withhold Is: At least- percentage- exceeds- C E B D Married Filing Jointly Married Filing Jointly $0.00 0% $238 $428 $0 sO $0 $477 $0.00 0% $0 $238 $0.00 10% $238 $477 $857 $2,020 $3,766 $6,758 $8,452 $12,439 $477 $857 $0.00 10% $19.00 $1,010 $1,883 $3,379 $4,226 $6,220 $428 12% $428 $857 $2,020 $3,766 $6,758 $8,452 $12,439 $38.00 12% $88.84 22% $1,010 $1,883 $3,379 $4,226 $6,220 $1,010 $1,883 $3,379 $4,226 S6,220 $2,020 $177.56 22% $280.90 24% $3,766 $561.68 24% S639.94 32% $6,758 $1,279.76 32% $910.98 35% $8,452 $1,821.84 35% $1,608.88 37% S12,439 $3,217.29 37% Single or Married Filing Separately Single or Married Filing Separately $0.00 $0 $0 $119 $0.00 0% $0 $0 $238 0% $214 $0.00 10% $119 $238 S428 $1,010 $1,883 $3,379 $4,226 $238 $428 $0.00 10% $119 $428 $19.00 12% $214 S505 $9.50 12% $214 $1,010 $1,883 $3,379 $4,226 $10,208 $1,010 $88.84 22% $505 $942 $44.42 22% $505 $1,689 $2,113 $5,104 24% $942 $140.56 24% $942 $1,883 $3,379 $4,226 $10,208 $280.90 32% $1,689 $2,113 $5,104 $319.84 $1,689 $2,113 $639.94 32% $910.98 35% $455.52 35% $3,004.68 37% $10,208 $1,502.37 37% $5,104 Head of Household Head of Household $359 $0.00 0% $0 $0 $179 $0.00 0% $0 $359 $630 $1,391 $2,003 $3,499 $4,346 $359 $630 $0.00 10% $179 $315 $0.00 10% $179 $630 $315 $696 $13.60 $1,391 $2,003 $3,499 $4,346 $10,328 $27.10 12% 12% $315 $1,001 $1,750 $696 $59.32 $1,391 $2,003 $3,499 $4,346 $10,328 $118.42 22% 22% $696 $1,001 $1,750 $2,173 $5,164 $253.06 24% $126.42 24% $1,001 $2,173 $5,164 $612.10 32% $306.18 32% $1,750 $2,173 $883,14 35% $441.54 35% $2,976.84 37% $10,328 $1,488.39 37% $5,164
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