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At least But less than- B The tentative Plus this amount to percentage withhold is: A C D Married Filing Jointly 50 5483 $0.00 $483 $865 $0.00 $865 $2,041 $38.20 $2,041 $3,805 $179.32 $3,805 $6,826 $567 40 $6,826 $8,538 $1.292.44 $8.538 $ 12,565 $1,840.28 $12.565 $3,249.73 of the amount that the Adjusted Wage exceeds E 0% 10% 12% 22% 24% 32% 35% 37% STANDARD Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 is NOT checked) TABLE 1-WEEKLY Payroll Period of the The tentative amount to withhold is: B D C Single or Married Filing Separately $0 50 $241 $0.00 0% 50 $0 $483 $241 $433 $0.00 10% $241 $362 $865 $433 $1,021 12% $433 $635 $19.20 $2,041 $1021 $1,902 $89.76 $3,805 $1,902 $3,413 $283.58 $6,826 $3413 $4,269 $646.22 $920.14 $3,034.84 22% $1,021 $1,404 24% $1,902 $2,022 32% $3413 $3,533 35% $4,269 $4,388 37% $ 10,311 $ 10431 $8.538 $4269 $10,311 $ 12,565 $ 10,311 At least But less than- A Plus this percentage of the amount that the Adjusted Wage exceeds E TABLE 2-BIWEEKLY Payroll Period of the At least But less than- B A The tentative amount to withhold is: С Head of Household $362 $635 $0.00 $0.00 of the amos that t Adjus Plus this Wage percentage exceec $1,404 $27.30 $2,022 $119.58 $3,533 $255.54 $4,388 $618.18 $ 10,431 $891.78 $3,006.83 D 0% 10% 12% 22% $14 $2.0 $3.5 $4.38 $ 10,43 24% 32% 35% 37% E of the amount $ Se

At least But less than- B The tentative Plus this amount to percentage withhold is: A C D Married Filing Jointly 50 5483 $0.00 $483 $865 $0.00 $865 $2,041 $38.20 $2,041 $3,805 $179.32 $3,805 $6,826 $567 40 $6,826 $8,538 $1.292.44 $8.538 $ 12,565 $1,840.28 $12.565 $3,249.73 of the amount that the Adjusted Wage exceeds E 0% 10% 12% 22% 24% 32% 35% 37% STANDARD Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 is NOT checked) TABLE 1-WEEKLY Payroll Period of the The tentative amount to withhold is: B D C Single or Married Filing Separately $0 50 $241 $0.00 0% 50 $0 $483 $241 $433 $0.00 10% $241 $362 $865 $433 $1,021 12% $433 $635 $19.20 $2,041 $1021 $1,902 $89.76 $3,805 $1,902 $3,413 $283.58 $6,826 $3413 $4,269 $646.22 $920.14 $3,034.84 22% $1,021 $1,404 24% $1,902 $2,022 32% $3413 $3,533 35% $4,269 $4,388 37% $ 10,311 $ 10431 $8.538 $4269 $10,311 $ 12,565 $ 10,311 At least But less than- A Plus this percentage of the amount that the Adjusted Wage exceeds E TABLE 2-BIWEEKLY Payroll Period of the At least But less than- B A The tentative amount to withhold is: С Head of Household $362 $635 $0.00 $0.00 of the amos that t Adjus Plus this Wage percentage exceec $1,404 $27.30 $2,022 $119.58 $3,533 $255.54 $4,388 $618.18 $ 10,431 $891.78 $3,006.83 D 0% 10% 12% 22% $14 $2.0 $3.5 $4.38 $ 10,43 24% 32% 35% 37% E of the amount $ Se

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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At least But less than- B A The tentative Plus this amount to percentage withhold is: - C Married Filing Jointly SO $0.00 $483 $0.00 $865 $2,041 $38.20 $2,041 $3,805 $179.32 $3,805 $6,826 $567.40 $6,826 $8,538 $1.292.44 $8.538 $12,565 $1,840.28 $12.565 $3.249.73 At least But less than- H A $483 $865 50 5965 D C Married Filing Jointly $965 $0.00 $1,731 $0.00 $1.731 $4.083 $76.60 $4,083 $7610 $ 358.84 $7610 $13,652 $1.134.78 $13/52 $17,075 $2.584.86 0% 10% 12% 22% 24% 32% 35% 37% of the amount that the Adjusted Wage exceeds E The tentative Plus this amount to percentage withhold is: D of the amount STANDARD Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 is NOT checked) TABLE 1-WEEKLY Payroll Period that the Adjusted Wage exceeds- E At least But less than- A $0 SO $483 $241 $241 $433 $865 $433 $1,021 $2,041 $1,021 $1,902 $3,805 $1902 $3,413 $6,826 $3413 $4,269 $8.538 $4,269 $10.311 $ 12.565 $ 10,311 A At least But less than- 181 The tentative amount to withhold is:- B D Single or Married Filing Separately 50 $0.00 $0.00 $19.20 $89.76 $283.58 $646.22 $920.14 $3.034.84 24% 32% 35% 37% TABLE 2-BIWEEKLY Payroll Period Plus this percentage 0% 50 10% $965 $483 12% 22% 24% $1,731 $865 $4,083 $2,041 $7610 $3,805 32% $13,652 $6.826 $8.538 $1.292.44 The tentative Plus this amount to withhold is: percentage B D Single or Married Filing Separately $483 $865 $2,041 $3,805 $6826 $0.00 $0.00 $38.20 $179.32 $ 567.40 of the amount that the Adjusted Wage exceeds-- E 0% $0 $0 $362 $241 $362 $635 10% 12% $433 $635 $1,404 22% $1021 $1,404 $2,022 $1902 $2,022 $3.533 $3413 $3,533 $4,388 $4,269 $4,388 $10,431 $ 10,311 $ 10431 of the amount At least But less than- that the Adjusted Wage exceeds- E A At least But less than- 11 A The tentative amount to withhold is: С Head of Household $0.00 $0.00 $27.30 $119.58 $255.54 $618.18 $891.78 $3,006.83 Plus this percentage 0% $0 50 $723 10% $483 5723 $1,269 129 5865 $1,269 $2,808 $54.60 22% $2,041 $2,808 $4,044 $239.28 24% $3,805 $4044 $7,065 $511 20 32% $6,826 $7,065 $8,777 5.1.236.24 D D The tentative Plus this amount to percentage withhold is: C Head of Household $0.00 $0.00 10% 12% 22% 24% 0% 35% 37% 0% 10% 12% 22% 24% 32% of the amount that the Adjusted Wage exceeds E $0 $362 $635 $1,404 $2,022 $3,533 $4,388 $10431 of the amount that the Adjusted Wage exceeds E 50 $723 $1.269 $2,808 $4,044 $7,065
Transcribed Image Text:At least But less than- B A The tentative Plus this amount to percentage withhold is: - C Married Filing Jointly SO $0.00 $483 $0.00 $865 $2,041 $38.20 $2,041 $3,805 $179.32 $3,805 $6,826 $567.40 $6,826 $8,538 $1.292.44 $8.538 $12,565 $1,840.28 $12.565 $3.249.73 At least But less than- H A $483 $865 50 5965 D C Married Filing Jointly $965 $0.00 $1,731 $0.00 $1.731 $4.083 $76.60 $4,083 $7610 $ 358.84 $7610 $13,652 $1.134.78 $13/52 $17,075 $2.584.86 0% 10% 12% 22% 24% 32% 35% 37% of the amount that the Adjusted Wage exceeds E The tentative Plus this amount to percentage withhold is: D of the amount STANDARD Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 is NOT checked) TABLE 1-WEEKLY Payroll Period that the Adjusted Wage exceeds- E At least But less than- A $0 SO $483 $241 $241 $433 $865 $433 $1,021 $2,041 $1,021 $1,902 $3,805 $1902 $3,413 $6,826 $3413 $4,269 $8.538 $4,269 $10.311 $ 12.565 $ 10,311 A At least But less than- 181 The tentative amount to withhold is:- B D Single or Married Filing Separately 50 $0.00 $0.00 $19.20 $89.76 $283.58 $646.22 $920.14 $3.034.84 24% 32% 35% 37% TABLE 2-BIWEEKLY Payroll Period Plus this percentage 0% 50 10% $965 $483 12% 22% 24% $1,731 $865 $4,083 $2,041 $7610 $3,805 32% $13,652 $6.826 $8.538 $1.292.44 The tentative Plus this amount to withhold is: percentage B D Single or Married Filing Separately $483 $865 $2,041 $3,805 $6826 $0.00 $0.00 $38.20 $179.32 $ 567.40 of the amount that the Adjusted Wage exceeds-- E 0% $0 $0 $362 $241 $362 $635 10% 12% $433 $635 $1,404 22% $1021 $1,404 $2,022 $1902 $2,022 $3.533 $3413 $3,533 $4,388 $4,269 $4,388 $10,431 $ 10,311 $ 10431 of the amount At least But less than- that the Adjusted Wage exceeds- E A At least But less than- 11 A The tentative amount to withhold is: С Head of Household $0.00 $0.00 $27.30 $119.58 $255.54 $618.18 $891.78 $3,006.83 Plus this percentage 0% $0 50 $723 10% $483 5723 $1,269 129 5865 $1,269 $2,808 $54.60 22% $2,041 $2,808 $4,044 $239.28 24% $3,805 $4044 $7,065 $511 20 32% $6,826 $7,065 $8,777 5.1.236.24 D D The tentative Plus this amount to percentage withhold is: C Head of Household $0.00 $0.00 10% 12% 22% 24% 0% 35% 37% 0% 10% 12% 22% 24% 32% of the amount that the Adjusted Wage exceeds E $0 $362 $635 $1,404 $2,022 $3,533 $4,388 $10431 of the amount that the Adjusted Wage exceeds E 50 $723 $1.269 $2,808 $4,044 $7,065
Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. Assume payroll period: weekly. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1). Note: Do not round intermediate calculations. Round your final answers to the nearest cent. Employee Mike Rice Marital status M, filing jointly Gross pay $ 2,000 FIT Social Security FICA Medicare Net pay
Transcribed Image Text:Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. Assume payroll period: weekly. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1). Note: Do not round intermediate calculations. Round your final answers to the nearest cent. Employee Mike Rice Marital status M, filing jointly Gross pay $ 2,000 FIT Social Security FICA Medicare Net pay
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