3. Jim Koslo earns $156,200 annually as a plant manager. He ismarried and supports 3 children. The state tax rate in his stateis 3.55% of taxable income. What amount is withheld yearly forstate income tax?O The McGraw-Hill Companies, Inc. All right Use the personal allowance table below.Personal Allowance AmountSingle$2,000Married4,000Each Dependent2,000

Jim koslo is married Having 3 dependent. Earnings = $156,2000 State tax rate = 3.55%

3. Jim Koslo earns $156,200 annually as a plant manager. He is married and supports 3 children. The state tax rate in his state is 3.55% of taxable income. What amount is withheld yearly for state income tax?

3. Jim Koslo earns $156,200 annually as a plant manager. He is married and supports 3 children. The state tax rate in his state is 3.55% of taxable income. What amount is withheld yearly for state income tax?

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

3. Jim Koslo earns $156,200 annually as a plant manager. He is
married and supports 3 children. The state tax rate in his state
is 3.55% of taxable income. What amount is withheld yearly for
state income tax?
O The McGraw-Hill Companies, Inc. All right

Use the personal allowance table below.
Personal Allowance Amount
Single
$2,000
Married
4,000
Each Dependent
2,000

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