Federal Income Tax WithholdingStan Stately’s weekly gross earnings for the present week were $2,400. Stately has two exemptions. Using the wage bracket withholding table in Exhibit 2 with an $81 standard withholding allowance for each exemption, what is Stately’s federal income tax withholding? Round your answer to two decimal places.$____________________ EXHIBIT 2Percentage Method Tables for Income Tax Withholding*(For Wages Paid in 20Y6)Wage BracketWithholding TableTABLE 1-WEEKLY Payroll Period(a) SINGLE person (including head of household) –If the amount of wages (aftersubtracting withholding allowances) The amount of income taxto withhold is:.. $0is:Not over $73...Over-But not over-of excess over--$260 .. $0.00 plus 10%-$832 .. $18.70 plus 12%-$1,692 .. $87.34 plus 22%-$3,164 .. $276.54 plus 24%-$3,998 .. $629.82 plus 32%-$9,887 .. $896.70 plus 35%$2,957.85 plus 37%-$73$73$260$832$1,692$3,164$3,998$9,887 ..-$260-$832-$1,692-$3,164-$3,998-$9,887McGrath wage bracket"Based upon 2019 withholding tables.

Gross income =$2400 Use table for calculating

Answered: Federal Income Tax Withholding Stan…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Federal Income Tax Withholding

Stan Stately’s weekly gross earnings for the present week were $2,400. Stately has two exemptions. Using the wage bracket withholding table in Exhibit 2 with an $81 standard withholding allowance for each exemption, what is Stately’s federal income tax withholding? Round your answer to two decimal places.
$____________________

EXHIBIT 2
Percentage Method Tables for Income Tax Withholding*
(For Wages Paid in 20Y6)
Wage Bracket
Withholding Table
TABLE 1-WEEKLY Payroll Period
(a) SINGLE person (including head of household) –
If the amount of wages (after
subtracting withholding allowances) The amount of income tax
to withhold is:
.. $0
is:
Not over $73...
Over-
But not over-
of excess over-
-$260 .. $0.00 plus 10%
-$832 .. $18.70 plus 12%
-$1,692 .. $87.34 plus 22%
-$3,164 .. $276.54 plus 24%
-$3,998 .. $629.82 plus 32%
-$9,887 .. $896.70 plus 35%
$2,957.85 plus 37%
-$73
$73
$260
$832
$1,692
$3,164
$3,998
$9,887 ..
-$260
-$832
-$1,692
-$3,164
-$3,998
-$9,887
McGrath wage bracket
"Based upon 2019 withholding tables.

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