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(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

(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

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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(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
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TABLE 2–BIWEEKLY Payroll Period 2020 Percentage Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or Later BIWEEKLY Payroll Period 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) If the Adjusted Wage of the of the If the Adjusted Wage Amount (line lh) is: The - tentative amount that Amount (line lh) is: The the Adjusted Wage amount that the Adjusted Wage withhold is: percentage- exceeds- - tentative But less But less At least- than- amount to Plus this amount to Plus this withhold is: percentage- exceeds- At least- than- A B D E A B D E Married Filing Jointly Married Filing Jointly $0 $954 $0.00 0% $0 $0 $477 $0.00 0% $0 $954 $1,713 $0.00 10% $954 $477 $857 $0.00 10% $477 $1,713 $4,040 $75.90 12% $1,713 $857 $2,020 $38.00 12% $857 $4,040 $7,533 $355.14 22% $4,040 $2,020 $3,766 $177.56 22% $2,020 $7,533 $13,515 $1,123.60 24% $7,533 $3,766 $6,758 $561.68 24% $3,766 $13,515 $16,904 $2,559.28 32% $13,515 $6,758 $8,452 $1,279.76 32% $6,758 $16,904 $24,879 $3,643.76 35% $16,904 $8,452 $12,439 $1,821.84 35% $8,452 $24,879 $6,435.01 37% $24,879 $12,439 $3,217.29 37% $12,439 Single or Married Filing Seperately Single or Married Filing Seperately $0 $477 $0.00 0% $0 $0 $238 $0.00 0% $0 $477 $857 $0.00 10% $477 $238 $428 $0.00 10% $238 $857 $2,020 $38.00 12% $857 $428 $1,010 $19.00 12% $428 $2,020 $3,766 $177.56 22% $2,020 $1,010 $1,883 $88.84 22% $1,010 $3,766 $6,758 $561.68 24% $3,766 $1,883 $3,379 $280.90 24% $1,883 $6,758 $8,452 $1,279.76 32% $6,758 $3,379 $4,226 $639.94 32% $3,379 $8,452 $20,415 $1,821.84 35% $8,452 $4,226 $10,208 $910.98 35% $4,226 $20,415 $6,008.89 37% $20,415 $10,208 $3,004.68 37% $10,208
Transcribed Image Text:TABLE 2–BIWEEKLY Payroll Period 2020 Percentage Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or Later BIWEEKLY Payroll Period 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) If the Adjusted Wage of the of the If the Adjusted Wage Amount (line lh) is: The - tentative amount that Amount (line lh) is: The the Adjusted Wage amount that the Adjusted Wage withhold is: percentage- exceeds- - tentative But less But less At least- than- amount to Plus this amount to Plus this withhold is: percentage- exceeds- At least- than- A B D E A B D E Married Filing Jointly Married Filing Jointly $0 $954 $0.00 0% $0 $0 $477 $0.00 0% $0 $954 $1,713 $0.00 10% $954 $477 $857 $0.00 10% $477 $1,713 $4,040 $75.90 12% $1,713 $857 $2,020 $38.00 12% $857 $4,040 $7,533 $355.14 22% $4,040 $2,020 $3,766 $177.56 22% $2,020 $7,533 $13,515 $1,123.60 24% $7,533 $3,766 $6,758 $561.68 24% $3,766 $13,515 $16,904 $2,559.28 32% $13,515 $6,758 $8,452 $1,279.76 32% $6,758 $16,904 $24,879 $3,643.76 35% $16,904 $8,452 $12,439 $1,821.84 35% $8,452 $24,879 $6,435.01 37% $24,879 $12,439 $3,217.29 37% $12,439 Single or Married Filing Seperately Single or Married Filing Seperately $0 $477 $0.00 0% $0 $0 $238 $0.00 0% $0 $477 $857 $0.00 10% $477 $238 $428 $0.00 10% $238 $857 $2,020 $38.00 12% $857 $428 $1,010 $19.00 12% $428 $2,020 $3,766 $177.56 22% $2,020 $1,010 $1,883 $88.84 22% $1,010 $3,766 $6,758 $561.68 24% $3,766 $1,883 $3,379 $280.90 24% $1,883 $6,758 $8,452 $1,279.76 32% $6,758 $3,379 $4,226 $639.94 32% $3,379 $8,452 $20,415 $1,821.84 35% $8,452 $4,226 $10,208 $910.98 35% $4,226 $20,415 $6,008.89 37% $20,415 $10,208 $3,004.68 37% $10,208
2020 Wage Bracket Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or Later BIWEEKLY Payroll Period If the Adjusted Wage Amount (line 1h) is Single or Married Filing Married Filing Jointly Head of Household Separately Form W-4, Step 2, Checkbox Withholding Form W-4, Step 2. Checkbox Withholding Form W-4, Step 2, Checkbox Withholding Standard Standard Standard At least But less than Withholding Withholding Withholding The Tentative Withholding Amount is: $15 $390 $400 $410 $0 $0 $0 $0 $0 $0 $3 $0 $0 $0 $0 $0 $380 $0 $0 $0 $0 $390 $4 $5 $6 $7 $16 $17 $18 $19 $0 $0 $0 $0 $0 $0 $1 $2 $400 $410 $420 $420 $430 $0 $0 $0 $0 $0 $8 $9 $0 $0 $0 $20 $22 $430 $445 $460 $475 $0 $0 $0 $0 $445 $24 $25 $27 $460 $11 $12 $14 $475 $490 $1 $490 $505 $2 $0 $0 $0 $0 $0 $4 $5 $7 $8 $10 $15 $17 $18 $20 $21 $505 $520 $535 $29 $31 $520 $4 $535 $0 $0 $0 $0 $5 $7 $8 $550 $565 $33 $550 $34 $565 $580 $10 $36 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $38 $40 $42 $580 $595 $1 $23 $24 $26 $27 $1 $595 $610 $13 $13 $610 $625 $14 $14 $640 $655 $625 $16 $16 $43 $45 $640 $17 $29 $17 $655 $670 S685 $0 $0 $0 $0 $0 $19 $20 $2 $23 $0 $0 $0 $0 $1 $19 $20 $2 $23 $670 $31 $47 $33 $35 $36 S685 $49 $51 $52 $700 $700 $715 $715 $730 $25 $38 $25 $54 $0 $0 $0 $0 $0 $26 $28 $29 $31 $32 $2 $730 $745 S760 $26 $28 $29 $31 $745 $40 $56 $42 $58 $60 S760 $4 $775 $5 $7 $8 $44 $775 S790 $45 $61 $790 S805 $47 $32 $63 $0 $0 $0 $0 $0 $34 $10 $49 $51 $53 $54 $56 $34 $65 $67 $805 S820 $820 $865 $35 $1 $35 S865 S850 $37 $13 $37 $38 $40 $38 $40 $69 $70 $72 $850 $865 $14 S865 S880 $16 $0 $0 $0 $0 $0 $42 $17 $8 $60 $62 $63 SS80 S895 $42 $74 S895 $910 $43 $45 $47 $49 $19 $20 $43 $76 $78 $79 $81 $910 $925 $45 $940 $63 $65 $925 $22 $47 $940 $955 $23 $49 $51 $52 $54 $56 $58 $83 $5 $87 $8 $92 $955 $25 $26 $28 $29 $31 $67 $69 $71 $72 $75 $970 $1 $51 $52 $54 $56 $58 $970 $985 $2 $985 $1,000 $1,015 $1,035 $4 $1,000 $1,015 $5 $7 $1.035 $1,055 $1,075 $1,095 $1,115 $1,055 $1,075 $1,095 $1,115 $1,135 $9 $7 $79 $82 $84 $87 $61 $3 $35 $37 $39 $61 $96 $63 $65 $68 $70 $63 $65 $68 $70 $1 $101 $13 $15 $17 $105 $110 $114 $41 $1,155 $1,175 $1,195 $1,215 $1,235 $1,135 $89 $91 $94 $96 $99 $73 $19 $21 $23 $25 $27 $73 $75 $77 $80 $43 $118 $1,155 $1,175 $1,195 $1,215 $45 $75 $77 $80 $82 $123 $127 $132 $136 $47 $49 $82 $51
Transcribed Image Text:2020 Wage Bracket Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or Later BIWEEKLY Payroll Period If the Adjusted Wage Amount (line 1h) is Single or Married Filing Married Filing Jointly Head of Household Separately Form W-4, Step 2, Checkbox Withholding Form W-4, Step 2. Checkbox Withholding Form W-4, Step 2, Checkbox Withholding Standard Standard Standard At least But less than Withholding Withholding Withholding The Tentative Withholding Amount is: $15 $390 $400 $410 $0 $0 $0 $0 $0 $0 $3 $0 $0 $0 $0 $0 $380 $0 $0 $0 $0 $390 $4 $5 $6 $7 $16 $17 $18 $19 $0 $0 $0 $0 $0 $0 $1 $2 $400 $410 $420 $420 $430 $0 $0 $0 $0 $0 $8 $9 $0 $0 $0 $20 $22 $430 $445 $460 $475 $0 $0 $0 $0 $445 $24 $25 $27 $460 $11 $12 $14 $475 $490 $1 $490 $505 $2 $0 $0 $0 $0 $0 $4 $5 $7 $8 $10 $15 $17 $18 $20 $21 $505 $520 $535 $29 $31 $520 $4 $535 $0 $0 $0 $0 $5 $7 $8 $550 $565 $33 $550 $34 $565 $580 $10 $36 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $38 $40 $42 $580 $595 $1 $23 $24 $26 $27 $1 $595 $610 $13 $13 $610 $625 $14 $14 $640 $655 $625 $16 $16 $43 $45 $640 $17 $29 $17 $655 $670 S685 $0 $0 $0 $0 $0 $19 $20 $2 $23 $0 $0 $0 $0 $1 $19 $20 $2 $23 $670 $31 $47 $33 $35 $36 S685 $49 $51 $52 $700 $700 $715 $715 $730 $25 $38 $25 $54 $0 $0 $0 $0 $0 $26 $28 $29 $31 $32 $2 $730 $745 S760 $26 $28 $29 $31 $745 $40 $56 $42 $58 $60 S760 $4 $775 $5 $7 $8 $44 $775 S790 $45 $61 $790 S805 $47 $32 $63 $0 $0 $0 $0 $0 $34 $10 $49 $51 $53 $54 $56 $34 $65 $67 $805 S820 $820 $865 $35 $1 $35 S865 S850 $37 $13 $37 $38 $40 $38 $40 $69 $70 $72 $850 $865 $14 S865 S880 $16 $0 $0 $0 $0 $0 $42 $17 $8 $60 $62 $63 SS80 S895 $42 $74 S895 $910 $43 $45 $47 $49 $19 $20 $43 $76 $78 $79 $81 $910 $925 $45 $940 $63 $65 $925 $22 $47 $940 $955 $23 $49 $51 $52 $54 $56 $58 $83 $5 $87 $8 $92 $955 $25 $26 $28 $29 $31 $67 $69 $71 $72 $75 $970 $1 $51 $52 $54 $56 $58 $970 $985 $2 $985 $1,000 $1,015 $1,035 $4 $1,000 $1,015 $5 $7 $1.035 $1,055 $1,075 $1,095 $1,115 $1,055 $1,075 $1,095 $1,115 $1,135 $9 $7 $79 $82 $84 $87 $61 $3 $35 $37 $39 $61 $96 $63 $65 $68 $70 $63 $65 $68 $70 $1 $101 $13 $15 $17 $105 $110 $114 $41 $1,155 $1,175 $1,195 $1,215 $1,235 $1,135 $89 $91 $94 $96 $99 $73 $19 $21 $23 $25 $27 $73 $75 $77 $80 $43 $118 $1,155 $1,175 $1,195 $1,215 $45 $75 $77 $80 $82 $123 $127 $132 $136 $47 $49 $82 $51
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