Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding Table given, what would be the amount of federal income tax to withhold for this pay period for a single employee whose gross earning is $400 and who counted 0 withholding allowance? Table for Percentage Method of Withholding WEEKLY Payroll Period SINGLE person(including head of household)-- Assume the deduction for each withholding allowance is $75. If the amount of wages (after subtracting withholding allowances) is: The amount of income tax to withhold is $0 Not over $43. ... Iver--- But not over-- of excess over-- $43 --$222 | $ 0.00 plus 10% --$43 $222 ---$767 $17.90 plus 15% --$222 --- $767 ---$1,796| $99.65 plus 25% ---$767 $1,796 --$3,700 $356.90 plus 28% --$1,796 --- $3,700 ---$7,992 $890.02 plus 33% ---83,700 $7,992 ---$8,025 | $2,306.38 plus 35% ---$7,992 $8,025 $2,317.93 plus 39.6% --S8,025 $44.60 $178 $17.90 $0

Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding Table given, what would be the amount of federal income tax to withhold for this pay period for a single employee whose gross earning is $400 and who counted 0 withholding allowance? Table for Percentage Method of Withholding WEEKLY Payroll Period SINGLE person(including head of household)-- Assume the deduction for each withholding allowance is $75. If the amount of wages (after subtracting withholding allowances) is: The amount of income tax to withhold is $0 Not over $43. ... Iver--- But not over-- of excess over-- $43 --$222 | $ 0.00 plus 10% --$43 $222 ---$767 $17.90 plus 15% --$222 --- $767 ---$1,796| $99.65 plus 25% ---$767 $1,796 --$3,700 $356.90 plus 28% --$1,796 --- $3,700 ---$7,992 $890.02 plus 33% ---83,700 $7,992 ---$8,025 | $2,306.38 plus 35% ---$7,992 $8,025 $2,317.93 plus 39.6% --S8,025 $44.60 $178 $17.90 $0

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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