Amount to BeWithheldFilingNo. ofWithholdingGross WagePercentageWage-BracketEmployeeStatusAllowancesor SalaryMethodMethodLennon, A.SN/A$675 weekly$Starr, P.HHN/A1,365 weeklyMcNeil, S.SN/A1,775 biweeklyHarrison, W.MFJN/A2,580 semimonthlySmythe, M.HHN/A5,380 monthly

solution:-To calculate the federal income tax withholding using the Percentage and Wage-Bracket…

Filing No. of Withholding Gross Wage Percentage Wage-Bracket ree Status Allowances or Salary Method Method A. S N/A $675 weekly HH N/A 1,365 weekly S. S N/A 1,775 biweekly , W. MFJ N/A 2,580 semimonthly M. HH N/A 5,380 monthly

Filing No. of Withholding Gross Wage Percentage Wage-Bracket ree Status Allowances or Salary Method Method A. S N/A $675 weekly HH N/A 1,365 weekly S. S N/A 1,775 biweekly , W. MFJ N/A 2,580 semimonthly M. HH N/A 5,380 monthly

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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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

Amount to Be
Withheld
Filing
No. of
Withholding
Gross Wage
Percentage
Wage-Bracket
Employee
Status
Allowances
or Salary
Method
Method
Lennon, A.
S
N/A
$675 weekly
$
Starr, P.
HH
N/A
1,365 weekly
McNeil, S.
S
N/A
1,775 biweekly
Harrison, W.
MFJ
N/A
2,580 semimonthly
Smythe, M.
HH
N/A
5,380 monthly

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Step 1: Calculation of Amount to be Withheld using Percentage and Wage Bracket method:-

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Step 2: Calculation of withholding amounts for each employee using the 2022 federal income tax rates:-

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Step 3: Percentage method calculation:-

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Step 4: Wage Bracket Method calculation:-

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