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3. Alex Donaldson earns $21.75/hour, and worked 49 hours during the most recent week. He does not make any voluntary deductions per period. Alex Donaldson is single, and claims one withholding allowance for both federal and state.

3. Alex Donaldson earns $21.75/hour, and worked 49 hours during the most recent week. He does not make any voluntary deductions per period. Alex Donaldson is single, and claims one withholding allowance for both federal and state.

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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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
Complete the FWT (wage-bracket method) and SWT columns of the payroll register using the employee data listed below. The associated pay period ends on 08/07/2020, with paychecks being printed and distributed six days later. Every employee earns hourly overtime wages 1.5 times greater than their regular wage rate. Enter all employees' names in the format Last Name, First Initial (for example: Rick Smith would be written as Smith, R). The state income tax withholding rate is 5.0% of taxable pay, with taxable pay being the same for federal and state income tax withholding. Note that the Voluntary Withholding column, for which partial information is provided below, has been populated based on the partial information shown here. 3. Alex Donaldson earns $21.75/hour, and worked 49 hours during the most recent week. He does not make any voluntary deductions per period. Alex Donaldson is single, and claims one withholding allowance for both federal and state.
Transcribed Image Text:Complete the FWT (wage-bracket method) and SWT columns of the payroll register using the employee data listed below. The associated pay period ends on 08/07/2020, with paychecks being printed and distributed six days later. Every employee earns hourly overtime wages 1.5 times greater than their regular wage rate. Enter all employees' names in the format Last Name, First Initial (for example: Rick Smith would be written as Smith, R). The state income tax withholding rate is 5.0% of taxable pay, with taxable pay being the same for federal and state income tax withholding. Note that the Voluntary Withholding column, for which partial information is provided below, has been populated based on the partial information shown here. 3. Alex Donaldson earns $21.75/hour, and worked 49 hours during the most recent week. He does not make any voluntary deductions per period. Alex Donaldson is single, and claims one withholding allowance for both federal and state.
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