Complete the FWT and SWT columns of the payroll register for TCLH Industries. Note that although the Voluntary Withholdings column will require additional updating in subsequent chapters, you should populate this column with any appropriate figures given.Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding. He is married, files his tax return as married filing jointly, and his weekly gross pay was $1,162. When completing form W-4 Zachary checked box 2c, entered $2,000 in step 3 of the form, and left step 4 blank.Calvin Bell makes a 401(k) retirement plan contribution of 6% of gross pay. He is single, claims two federal withholding allowances and one state withholding allowance, and his weekly gross pay was $417.93.David Alexander makes a 401(k) retirement plan contribution of 12% of gross pay. He is single, claims one withholding allowance for both federal and state taxes, and his weekly gross pay was $4,050.Michael Sierra contributes $50 to a flexible spending account each period. He is married, claims four federal withholding allowances and three state withholding allowances, and his weekly gross pay was $2,450.

The tax rates for a single individual on the gross pay is as follows: Local: 3.32% FICA: 7.65% FWT:…

Answered: Complete the FWT and SWT columns of the…

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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Complete the FWT and SWT columns of the payroll register for TCLH Industries. Note that although the Voluntary Withholdings column will require additional updating in subsequent chapters, you should populate this column with any appropriate figures given.

Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding. He is married, files his tax return as married filing jointly, and his weekly gross pay was $1,162. When completing form W-4 Zachary checked box 2c, entered $2,000 in step 3 of the form, and left step 4 blank.
Calvin Bell makes a 401(k) retirement plan contribution of 6% of gross pay. He is single, claims two federal withholding allowances and one state withholding allowance, and his weekly gross pay was $417.93.
David Alexander makes a 401(k) retirement plan contribution of 12% of gross pay. He is single, claims one withholding allowance for both federal and state taxes, and his weekly gross pay was $4,050.
Michael Sierra contributes $50 to a flexible spending account each period. He is married, claims four federal withholding allowances and three state withholding allowances, and his weekly gross pay was $2,450.

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