Find the amount of income tax withheld from Karen's semimonthly gross paycheck of $1,737.50 using the percentage method tables in Exhibit 9-1 and Exhibit 9-2 from your text. Karen is married and claims 4 withholding allowances. $56.49$77.75 $132.48$139.50 EXHIBIT 9 -1Percentage Method Amount for One Withholding AllowanceOne WithholdingAllowancePayroll Period$Weekly .Biweekly .SemimonthlyMonthlyQuarterlySemiannuallyAnnually .Daily or miscellaneous (each day of the payrollperiod).79.80159.60172.90345.801,037.502,075.004,150.0016.00 EXHIBIT 9-2 Tabiles for Percenta ge Method of WithhaldingPercentage Method Tables for Income Tax Withholding(For Wages Paid in 20XX)TABLE 1-WEEKLY Payrol Period(b) MARRIED person-(a) SINGLE person (ncluding head of hausehdid-If the amount of wages(after subractingwithholding alowances) isIf the amount of wagesCafter subtractingwithhalding allowances) is to withhdld is:Not over $222.The amount of income taxThe amount of income taxto withhold is:Nat aver $71.Over-But not over-of excess over-Over-But not over-of excess over-$71$254--5254-S815$0.00 plus 10%$18.30 plus 12%$85.2 plus 22%$271.08 plus 24%$617.16 plus 32%$a78.60 plus 35%$2,898.10 plus 37%-571$222-5588$000 plus 10%$36.60 plus 12%$171.36 plus 22%$541.84 plus 24%$123424 plus 32%$1,757.12 plus 35%$3, 103 57 plus 37%-5222-5254$8 15$1,658$3,100$3.917$9,687-$1,658-53,100-$3,917-59,687-S815-51,658-53, 100-$3,917-59,687$588$1,711$3.395$6.280$7,914$11,761-51,711-53395--46,280-57,914-511,761-$588-$1,711-53.395-56,280-$7,914-S11,761TABLE 2-BWEEKLY Payroll Period(a) SINGLE person (including head of hausehald-If the amount of wages(after subractingwithholding alowances) is(b) MARRIED personIf the amount of wagesCafter subtractingwithhalding allowances) is to withhdld is:Not over $444.The amount of income taxThe amount of income taxo withhold s:Not over $142$0of excess over-Over--S142-5509Over-But not ove-But not over-of exs over-$142$509$1,631$3.315$6200$7.835$19.373--5509-$1,631-$3,315-$6.200-57835-5 19,373$0.00 plus 10%$36.70 plus 12%$17134 plus 22%$541 82 plus 24%$1.234.22 plus 32%$1,757 42 plus 35%$5,795.72 plus 37%-$1,631-53,315-56,200-57,835-$19,373$444$1,177$3,421$6,790$12.560$15,829$23,521-51,177-43,421-56,790-$12,560-515,829-523,521$0.00 plus 10%$73.30 plus 12%$342 58 plus 22%$1,083.76 plus 24%$2,468 56 plus 32%$3,514.64 plus 35%$6.20684 plus 37%-5444-51,177-S3,421-6,790-$12,560-$15,829-S23,521TABLE 3-SEMIMONTHLY Payroll Period(a) SINGLE person (including head of hausehald-If the amount of wages (atersubracting withhdldingalowanan) is(b) MARRIED personIf the amount of wagesCafter subtractingwithhalding allowances) isNot over $481The amount of income taxb withhold is:The amount of income tto withhdid isNot over $154.of excess over- Over--5154-5551-$1,767-53,592OverBut not ove--5551-$1,767-$3,592-$6,717-$8,488-$20,988But not over--S1.275-43,706-47.356-$13,606-$17,148-S525,481of excess over$154$551$1,767$3.592$6717$8488$20,988$0.00 plus 10%$39.70 plus 12%$185.62 plus 22%$587.12 plus 24%$1,337.12 plus 32%$1,903 84 plus 35%$6.278 84 plus 37%$481$1.275$3,706$7,356$13,606$17,148$25,481$0.00 plus 10%$79.40 plus 12%$371.12 plus 22%$1,174. 12 plus 24%$2,674. 12 plus 32%$3,807.11 plus 35%$6,724.11 plus 37%-$481-$1275-53,706-57,356-$13,606-$17,148-$25,481-56,717-58,488-520,988TABLE 4-MONTHLY Payroll Period(b) MARRIED person(a) SINGLE person (including head af hausehald-If the amount of wages(after subractingwithholding allowances) isIf the amount of wagesCafter subtractingwithhalding allowances) is:The amount of income taxThe amount of incame taxto withhdid is$0b withhold is:Not aver $308.Not over $963Over-$308$1,102$3.533$7,183$13433$16975$41,975But not over-of excess over-Over-$963$2,550$7413But not over-of exces over--$1,102-$3,533-57,183-$13,433-S16,975-541,975$0.00 plus 10%$79.40 plus 12%$371.12 plus 22%$1,174.12 plus 24%$2,674.12 plus 32%$3,807 56 plus 35%$12,55756 plus 37% -541,975 $50,963.-5308-51, 102-$2550-57413-$14713-$27213-$34296-550963$0.00 plus 10%$158.70 plus 12%$742.26 plus 22%$234826 plus 24%$5.34526 plus 32%$7,61482 plus 35%$13,448 27 plus 37 % -550,963-$963-$2,550-57A13-5 14,713-$27213-$34,296-$3,533-57, 183 $14,713-$13,433$27 213-$16,975$34,296Cngage Leaning, Inc. This contet isnot final and may not mah the publishod product.

Karen is a married person His semimonthly gross paycheque is $1737.5 He claims 4 withholding…

Find the amount of income tax withheld from Karen's semimonthly gross paycheck of $1,737.50 using the percentage method tables in Exhibit 9-1 and Exhibit 9-2 from your text. Karen is married and claims 4 withholding allowances. $56.49 $77.75 $132.48 $139.50

Find the amount of income tax withheld from Karen's semimonthly gross paycheck of $1,737.50 using the percentage method tables in Exhibit 9-1 and Exhibit 9-2 from your text. Karen is married and claims 4 withholding allowances. $56.49 $77.75 $132.48 $139.50

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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