EXHIBIT 2 Table for Percentage Method of Withholding WEEKLY Payroll Period Wage Bracket Withholding Table (a) SINGLE person (including head of household)– If the amount of wages (after subtracting withholding allowances) The amount of income tax is: Not over $43...... Over- to withhold is: But not over- of excess over- -$222 .. $0.00 plus 10% -$767 .. $17.90 plus 15% -$1,796 .. $99.65 plus 25% -$3,700 .. $356.90 plus 28% -$7,992 .. $890.02 plus 33% -$8,025 .. $2,306.38 plus 35% $2,317.93 plus 39.6% $43 $43 $222 $767 $222 $767 McGrath wage bracket $1,796 $3,700 $7,992 $8,025. $1,796 $3,700 $7,992 $8,025
EXHIBIT 2 Table for Percentage Method of Withholding WEEKLY Payroll Period Wage Bracket Withholding Table (a) SINGLE person (including head of household)– If the amount of wages (after subtracting withholding allowances) The amount of income tax is: Not over $43...... Over- to withhold is: But not over- of excess over- -$222 .. $0.00 plus 10% -$767 .. $17.90 plus 15% -$1,796 .. $99.65 plus 25% -$3,700 .. $356.90 plus 28% -$7,992 .. $890.02 plus 33% -$8,025 .. $2,306.38 plus 35% $2,317.93 plus 39.6% $43 $43 $222 $767 $222 $767 McGrath wage bracket $1,796 $3,700 $7,992 $8,025. $1,796 $3,700 $7,992 $8,025
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Federal Income Tax Withholding
Tam Worldly’s weekly gross earnings for the present week were $2,000. Worldly has two exemptions. Using the wage bracket withholding table in Exhibit 2 with a $75 standard withholding allowance for each exemption, what is Worldly’s federal income tax withholding? If required, round your answer to two decimal places.
Transcribed Image Text:EXHIBIT 2
Table for Percentage Method of Withholding WEEKLY Payroll Period
Wage Bracket
Withholding Table
(a) SINGLE person (including head of household)–
If the amount of wages (after
subtracting withholding allowances) The amount of income tax
is:
Not over $43......
Over-
to withhold is:
But not over-
of excess over-
-$222 .. $0.00 plus 10%
-$767 .. $17.90 plus 15%
-$1,796 .. $99.65 plus 25%
-$3,700 .. $356.90 plus 28%
-$7,992 .. $890.02 plus 33%
-$8,025 .. $2,306.38 plus 35%
$2,317.93 plus 39.6%
$43
$43
$222
$767
$222
$767
McGrath wage bracket
$1,796
$3,700
$7,992
$8,025.
$1,796
$3,700
$7,992
$8,025
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