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

See similar textbooks

Similar questions

Problem 9-23 (Algorithmic) (LO. 4, 5) Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $79,200. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Q Search Filing Single S PRE ta Chris LA L Heather 1 Filing Single b. Assume that Chris and Heather get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. SA SA SA 7:29 2/8/2
Basic Scenario 8: Zoe Watson Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the scenario. When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. Interview Notes Zoe is single and 47 years old. • Zoe has two children. Yvonne, age 19, has a job and earned wages of $5,200. Joshua, age 26 is totally and permanently disabled and received Social Security benefits of $4,500. Both children lived with her all year. Zoe paid all the cost of keeping up the home and more than half the support for her children. • Zoe received disability pension benefits, but she has not reached the minimum retirement age of her employer's plan. • She does not have enough expenses to itemize for the 2023 tax year. Zoe, Yvonne, and Joshua are U .S. citizens and have valid Social Security numbers. They…
Vishnu
Q) Find the federal withholding tax using the wage bracket method for each of the following employees. Kerry Cook: 1 withholding allowance, single, $2165.17 monthly earnings Mary Jackson: 2 withholding allowances, married, $639.80 weekly earnings Julie Pendleton: 0 withholding allowances, single, $1843.19 monthly earnings L. Sanchez: 3 withholding allowances, married, $521.10 weekly earnings B. Maynard: 4 withholding allowance, married, $2484.97 monthly earnings
Question 8 Jerrod Smith's gross earnings this pay period were $1350. Jerrod is paid weekly and he is single with 2 withholding allowances. His year-to-date is $59,875. Find his social security, medicare, and federal income tax deduction for this pay period.
Example 4-2 To compute the tax using the percentage method, follow the steps illustrated below. Step 1 Determine the amount of gross wages earned, marital status, number of allowances, and frequency of pay. Note: If the wage ends in a fractional dollar amount, the wage may be rounded to the nearest dollar. However, in this text, exact wages are used. ➡ Wilson Goodman, single, claims two allowances and earns $915.60 semimonthly. Step 2 Multiply the number of allowances claimed by the amount of one allowance for the appropriate payroll period, as shown in the Table of Allowance Values in Figure 4.6. ➡ Table of Allowance Values for semimonthly payroll period shows $175.00. Multiply $175.00 × 2 = $350.00 Step 3 Subtract the amount for the number of allowances claimed from the employee’s gross pay to find the excess of wages over allowances claimed. ➡ Gross pay $915.60 Less: Allowances 350.00 Excess wages $565.60 Step 4…
Calculate Melissa Allen’s tax liability for taxable income of $59,580. She files single and claims 3 exemptions. (Use Table 7.3) (Round your final answer to the nearest cent.)
Use the 2010 marginal tax rates to compute the income tax owed by the following person Sngle male, no dependenta Gross income $79,000 Adjustmenta 12000 Deductiona. $20,000 mortgage interest 2010 Marginal Tax Rates 54605 property taxes sz000 chantable contributions Tax credt none 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, Married and each partner Married and both Click the icon to view the 2010 marginal tax rates Unmarried and paying or legally separated files a separate tax return partners file a single more than half the cost of supporting a child or parent The income tax owed is tax return (Type an ineger or a decimal. Round to the nearest cent as needed.) Tax Rate Single up to $9275 Married Filing Separately Married Filing Jointly Head of Household 10% up to S0275 $8276 to $37 650 up to $18,550 up lo $13,250 $13.251 to $50,400 15% S0276 to $37.650 $37 661 to $91,150 $18,551 to $75,300 25% $37,651 to $75.950 $75,301 to $151.900 $151.901 to…
Emanuel Simon earns $1,088 semimonthly, single, 1 w. allowance. Use % method to find total tax.
What amount is withheld yearly for state income tax?
Problem 6-20 (Algorithmic) Computing the 0.9 Percent Medicare Tax for High-Income Taxpayers (LO 6.8) Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $380,600 of self-employment income and Ruth has a self-employment loss of $28,700. How much 0.9 percent Medicare tax for high-income taxpayers will Otto and Ruth have to pay with their 2021 income tax return? If required, round your final answer to nearest dollar.