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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent.
As we go to press, the federal income tax rates for 2023 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2022 federal income tax tables for Manual Systems with Forms W-4 from 2020 or Later with Standard Withholding and 2022 FICA rates have been
used.
Click here to access the Percentage Method Tables
Click here to access the Wage-Bracket Method Tables
Amount to Be
Withheld
Filing
No. of
Withholding
Gross Wage
Employee
Status
Allowances
or Salary
Method
Percentage Wage-Bracket
Method
Lennon, A.
N/A
$675 weekly
Stan, P.
S
N/A
1,365 weekly
McNeil, S.
HH
N/A
1,775 biweekly
Harrison, W.
HH
N/A
2,500 semimonthly
Smythe, M.
MFJ
N/A
5,380 monthly
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