Henry, who earned $124,200 during 2020, is paid on a monthly basis, is married, (spouse does not work) and two dependents who are under the age of 17. Assume that Henry has only one job or that step 2 of Form W-4 is not checked. Also, his employer uses the percentage method table for an automated payroll system. Use percentage method tables for automated systems. Required:What is Henry’s federal tax withholding for each pay period?What is Henry’s FICA withholding for each pay period? ## 2020 Percentage Method Tables for Automated Payroll Systems### Standard Withholding Rate Schedules**(Use these if the Form W-4 is from 2019 or earlier, or if the Form W-4 is from 2020 or later and the box in Step 2 of Form W-4 is NOT checked)**#### Married Filing Jointly| A: At least | B: But less than | C: Tentative amount to withhold is | D: Plus this percentage | E: of the amount that the Adjusted Annual Wage exceeds ||-------------|------------------|-----------------------------------|-------------------------|------------------------------------------------------|| $0 | $11,900 | $0.00 | 0% | $0 || $11,900 | $31,650 | $0.00 | 10% | $11,900 || $31,650 | $92,150 | $1,975.00 | 12% | $31,650 || $92,150 | $182,950 | $9,235.00 | 22% | $92,150 || $182,950 | $338,500 | $29,211.00 | 24% | $182,950 || $338,500 | $426,600 | $66,543.00 | 32% | $338,500 || $426,600 | $633,950 | $94,735.00 | 35% | $426,600 || $633,950 | — | $167,307.50 | 37% | $633,950 |#### Single or Married Filing Separately| A: At least | B: But less than | C: Tentative amount to withhold is | D: Plus this percentage | E: of the amount that the Adjusted Annual Wage exceeds ||-------------|------------------|-----------------------------------|-------------------------|------------------------------------------------------|| $0 | $3,800 | $0.00 | 0% | $0 || $3,800 | $13,675 | $0.00 | 10% | $3,800 || $13,

Given, Earnings during 2020=$124,200 Monthly earnings=$124,20012 months=$10,350Part 1: Federal tax withholding=$1,545.82 Workings: Monthly earnings net of withholding allowances=$10,350-$345.80×4=$10,350-$1,383.2=$8,966.8 Using 2020 table the net amount $8,966.8 falls in $7,413- $14,713: $1204+22% (excess over $7413 to $8,131.80) Federal tax withholding=$1,204+$8,966.8-$7,413×22%=$1,204+$1,553.8×22%=$1,204+$341.82=$1,545.82 Part 2: FICA withholding for each pay period=$10,350×7.65%=$791.78