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Carson Smart (married filing jointly) is paid $1,200 every two weeks plus a taxable lodging allowance of $100. He is a participant in the company 401(k) plan and has $150 deducted from his pay for his contribution to the plan. How much would be deducted from his pay for federal income tax (using the wage-bracket table)?

Carson Smart (married filing jointly) is paid $1,200 every two weeks plus a taxable lodging allowance of $100. He is a participant in the company 401(k) plan and has $150 deducted from his pay for his contribution to the plan. How much would be deducted from his pay for federal income tax (using the wage-bracket table)?

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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(10) Carson Smart (married filing jointly) is paid $1,200 every two weeks plus a taxable lodging allowance of $100. He is a participant in the company 401(k) plan and has $150 deducted from his pay for his contribution to the plan. How much would be deducted from his pay for federal income tax (using the wage-bracket table)?

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 Separately Married Filing Jointly Head of Household Form W-4, Step 2, Checkbox Withholding Standard Withholding Form W-4, Step 2. Checkbox Withholding Form W-4, Step 2, Checkbox Withholding Standard Standard At least But less than Withholding Withholding The Tentative Withholding Amount is: $0 $0 $0 $0 so $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3 $15 $16 $380 $390 $390 $400 $4 $0 $0 SO $400 $410 $5 $17 $18 $410 $420 $6 $7 $420 $430 $0 $19 $0 $0 $0 $1 $2 $430 $0 $0 $0 $0 $0 $8 $9 $0 $0 $0 $445 $0 $20 $445 $460 $0 $0 $0 $22 $460 $475 $1 $24 $490 $12 $25 $27 $475 $1 $490 $505 $14 $14 $2 $505 $520 $0 $0 $0 $0 $0 $15 $17 $18 $20 $4 $4 $29 $0 $0 $0 $5 $7 $8 $10 $5 $7 $8 $31 $33 $520 $535 $535 $550 $550 $565 $34 $565 $580 $21 $10 $36 $23 $0 $0 $0 $0 $0 $38 $40 $42 $43 $580 $595 $1 $1 $595 S610 $0 $13 $24 $13 $14 $16 $17 $26 $27 $29 S610 $625 $0 $14 $625 $640 $16 $640 $655 $0 $17 $45 $0 $0 $0 $19 $20 $22 $23 $25 $655 $670 $19 $31 $47 $20 $2 $23 $25 $670 $685 $33 $49 So $700 $715 $35 $36 $38 $51 $52 $685 $700 $0 $0 $715 S730 So $0 $1 $54 SO $26 $28 $29 $31 $32 $2 $4 $5 $7 $8 $26 $28 $29 $56 $58 $60 $730 $745 $760 $775 $790 S805 $40 $745 $42 $760 So $44 $775 $0 $45 $31 $61 $790 S805 So $0 $47 $32 $63 S805 $820 $10 $65 $34 $35 $37 $38 $40 $49 $34 $35 $37 $38 $40 $820 $865 $1 $51 $67 So $0 $0 So $53 $54 $56 $69 $70 S865 $850 $13 $850 $865 $14 S865 S880 $16 $72 SO $17 $74 $76 $78 S880 $895 $42 $58 $42 S895 $910 $43 $19 $60 $43 $0 $0 So $20 $22 $23 $910 $925 $45 $62 $45 $47 $49 $925 $940 $63 $47 $79 $940 $955 $65 $49 $81 $51 $52 $4 $56 $58 $955 $970 $67 $69 $71 $72 $75 $83 $970 $985 $1,000 $1.015 $1,035 $1 $25 $51 $2 $52 $85 $87 $8 $92 $96 $26 $28 $29 $31 $985 $4 $54 $56 $58 $1.000 $5 $1,015 $7 $1,035 $1,055 $1,075 $1.095 $1,115 $1,135 $9 $1,055 $1,075 $1,095 $1,115 $1.135 $61 $63 $65 $68 $70 $33 $35 $37 $39 $77 $79 $82 $84 $87 $61 $63 $1 $101 $105 $13 $15 $17 $65 $68 $110 $41 $70 $114 $1,155 $1,175 $1,195 $1,215 $1,235 $73 $75 $7 $80 $2 $118 $123 $127 $132 $136 $89 $91 $73 $75 $77 $80 $82 $19 $43 $21 $1,155 $1,175 $1,195 $1,215 $45 $23 $25 $27 $47 $49 $51 $94 $96 $99
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 Separately Married Filing Jointly Head of Household Form W-4, Step 2, Checkbox Withholding Standard Withholding Form W-4, Step 2. Checkbox Withholding Form W-4, Step 2, Checkbox Withholding Standard Standard At least But less than Withholding Withholding The Tentative Withholding Amount is: $0 $0 $0 $0 so $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3 $15 $16 $380 $390 $390 $400 $4 $0 $0 SO $400 $410 $5 $17 $18 $410 $420 $6 $7 $420 $430 $0 $19 $0 $0 $0 $1 $2 $430 $0 $0 $0 $0 $0 $8 $9 $0 $0 $0 $445 $0 $20 $445 $460 $0 $0 $0 $22 $460 $475 $1 $24 $490 $12 $25 $27 $475 $1 $490 $505 $14 $14 $2 $505 $520 $0 $0 $0 $0 $0 $15 $17 $18 $20 $4 $4 $29 $0 $0 $0 $5 $7 $8 $10 $5 $7 $8 $31 $33 $520 $535 $535 $550 $550 $565 $34 $565 $580 $21 $10 $36 $23 $0 $0 $0 $0 $0 $38 $40 $42 $43 $580 $595 $1 $1 $595 S610 $0 $13 $24 $13 $14 $16 $17 $26 $27 $29 S610 $625 $0 $14 $625 $640 $16 $640 $655 $0 $17 $45 $0 $0 $0 $19 $20 $22 $23 $25 $655 $670 $19 $31 $47 $20 $2 $23 $25 $670 $685 $33 $49 So $700 $715 $35 $36 $38 $51 $52 $685 $700 $0 $0 $715 S730 So $0 $1 $54 SO $26 $28 $29 $31 $32 $2 $4 $5 $7 $8 $26 $28 $29 $56 $58 $60 $730 $745 $760 $775 $790 S805 $40 $745 $42 $760 So $44 $775 $0 $45 $31 $61 $790 S805 So $0 $47 $32 $63 S805 $820 $10 $65 $34 $35 $37 $38 $40 $49 $34 $35 $37 $38 $40 $820 $865 $1 $51 $67 So $0 $0 So $53 $54 $56 $69 $70 S865 $850 $13 $850 $865 $14 S865 S880 $16 $72 SO $17 $74 $76 $78 S880 $895 $42 $58 $42 S895 $910 $43 $19 $60 $43 $0 $0 So $20 $22 $23 $910 $925 $45 $62 $45 $47 $49 $925 $940 $63 $47 $79 $940 $955 $65 $49 $81 $51 $52 $4 $56 $58 $955 $970 $67 $69 $71 $72 $75 $83 $970 $985 $1,000 $1.015 $1,035 $1 $25 $51 $2 $52 $85 $87 $8 $92 $96 $26 $28 $29 $31 $985 $4 $54 $56 $58 $1.000 $5 $1,015 $7 $1,035 $1,055 $1,075 $1.095 $1,115 $1,135 $9 $1,055 $1,075 $1,095 $1,115 $1.135 $61 $63 $65 $68 $70 $33 $35 $37 $39 $77 $79 $82 $84 $87 $61 $63 $1 $101 $105 $13 $15 $17 $65 $68 $110 $41 $70 $114 $1,155 $1,175 $1,195 $1,215 $1,235 $73 $75 $7 $80 $2 $118 $123 $127 $132 $136 $89 $91 $73 $75 $77 $80 $82 $19 $43 $21 $1,155 $1,175 $1,195 $1,215 $45 $23 $25 $27 $47 $49 $51 $94 $96 $99
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 amount to Plus this But less amount to Plus this At least- than- withhold is: percentage- exceeds- At least- than- A в D E A В D E Married Filing Jointly Married Filing Jointly SO $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 $238 $0 $477 $0.00 0% $0 $0 $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 amount to Plus this But less amount to Plus this At least- than- withhold is: percentage- exceeds- At least- than- A в D E A В D E Married Filing Jointly Married Filing Jointly SO $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 $238 $0 $477 $0.00 0% $0 $0 $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
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