1: Warren Cavanagh (single; O federal withholding allowances) earned weekly gross pay of $620. For each period, he makes a 401(k) retirement plan contribution of 5% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $ 60.00 67.58 2: Stacey Vaughn (married; 4 federal withholding allowances) earned daily gross pay of $275. For each period, she makes a 401(k) contribution of 8% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $ 0.00 3.30 × × 3: Jordan Peters (single; 3 federal withholding allowances) earned monthly gross pay of $2,300. He contributed $150 to a flexible spending account during the period. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $ 172.00 182.64

1: Warren Cavanagh (single; O federal withholding allowances) earned weekly gross pay of $620. For each period, he makes a 401(k) retirement plan contribution of 5% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $ 60.00 67.58 2: Stacey Vaughn (married; 4 federal withholding allowances) earned daily gross pay of $275. For each period, she makes a 401(k) contribution of 8% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $ 0.00 3.30 × × 3: Jordan Peters (single; 3 federal withholding allowances) earned monthly gross pay of $2,300. He contributed $150 to a flexible spending account during the period. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $ 172.00 182.64

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter4: Income Tax Withholding

Section: Chapter Questions

Problem 3SSQ

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Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
1. Warren Cavanagh (single; 0 federal withholding allowances) earned weekly gross pay of $620. For each period, he makes a 401(k) retirement pan contribution od 5% of gross pay. Using wage-bracket method; Ferderal income tax withholding=$ Using percentage method, Federal income tax withholding=$
2. Stacey Vaughn (married; 4 federal withholding allowances) earned daily gross of $275. For each period, she makes a 401(k) contribution of 8% of pay. Using wage-bracket method. Federal income tax withholding=$ Using percentage method: Federal income tax withholding=$
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=$
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