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Kendall, who earned $128,400 during 2021, is paid on a monthly basis, is married, (spouse does not work) and claims two dependen who are under the age of 17. Use the Percentage Method Tables for Automated Payroll Systems. Use percentage method tables for automated systems. Required: a. What is Kendall's federal tax withholding for each pay period? b. What is Kendall's FICA withholding for each pay period? Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. a. Federal tax withholdings Amount

Kendall, who earned $128,400 during 2021, is paid on a monthly basis, is married, (spouse does not work) and claims two dependen who are under the age of 17. Use the Percentage Method Tables for Automated Payroll Systems. Use percentage method tables for automated systems. Required: a. What is Kendall's federal tax withholding for each pay period? b. What is Kendall's FICA withholding for each pay period? Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. a. Federal tax withholdings Amount

FINANCIAL ACCOUNTING
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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Kendall, who earned $128,400 during 2021, is paid on a monthly basis, is married, (spouse does not work) and claims two dependents who are under the age of 17. Use the Percentage Method Tables for Automated Payroll Systems. Use percentage method tables for automated systems. Required: a. What is Kendall's federal tax withholding for each pay period? b. What is Kendall's FICA withholding for each pay period? Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. a. Federal tax withholdings b. Total FICA withholding Amount
Transcribed Image Text:Kendall, who earned $128,400 during 2021, is paid on a monthly basis, is married, (spouse does not work) and claims two dependents who are under the age of 17. Use the Percentage Method Tables for Automated Payroll Systems. Use percentage method tables for automated systems. Required: a. What is Kendall's federal tax withholding for each pay period? b. What is Kendall's FICA withholding for each pay period? Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. a. Federal tax withholdings b. Total FICA withholding Amount
2021 Percentage Method Tables for Automated Payroll Systems STANDARD Withholding Rate Schedules Form W-4, Step 2 (Use these if the Form W-4 is from 2019 or earlier, or if the Form W-4 is p 2, Checkbos, Withholding Rate Schedules from 2020 or later and the box in Step 2 of Form W-4 is NOT checked) (Use these if the Form W-4 is from 2020 or later and the box in Step 2 of Form W-4 IS checked) If the Adjusted Annual Wage Amount (line 2a) is: of the amount that the Adjusted Annual Wage exceeds E At least- A 50 $12.200 $32,100 $93,250 $184,950 $342050 $.431.050 $640.500 50 $3.950 $13,900 $44475 $90,325 $168.875 $213.375 $527550 50 $10,200 $24,400 $64,400 $96.550 $175,100 $219,400 $533.300 But less than B The tentative amount to withhold is: C Married Filling Jointly $12.200 $32.100 $93,250 $184,950 $342050 $431,050 $640.500 $0.00 $0.00 $1.990.00 $9328.00 $29.502.00 $67,206.00 $95,586.00 $168.993.50 $10.200 $24.400 $64.400 $96.550 $175,100 $219,600 5533.800 Single or Married Filling Separately $3.950 $0.00 $13.900 $0.00 $995.00 664.00 $44,475 $90,325 $168,875 $14.751.00 $213.375 $.33.603.00 $527550 $47.843.00 $157.804.25 Head of Household $0.00 50.00 $1,420.00 $6.220.00 Phas this percentage- D $13,293.00 $32.145.00 $46385.00 $156.355.00 0% 10% 129 22% 24% 32% 35% 37% 0% 10% 129 22% 24% 32% 354 37% 0% 10% 12% 22%4 24% 32% 37% 50 $12,200 $32,100 $93,250 $184,950 $342050 $431050 $640,500 50 $3,950 $13,900 $44/475 $90,325 $168.875 $213,375 $527,550 50 $10.200 $ 24,400 $64,400 $ 96,350 $175,100 $219600 $533,800 If the Adjusted Annual Wage Amount (line 2a) is: But less than At least- A SO $12.550 $22.500 $ 53,075 $98,925 $177,475 $221,975 $326,700 50 $6.275 $11,250 326.338 $49,463 $18,718 $110,988 $268,075 50 $9,400 $16,500 $36,500 $52.575 $91,850 $114.100 $ 271.200 B The tentative amount to withhold is C Married Filling Jointly $12.550 $22.500 $53,075 $98,925 $177475 $221,975 $326,700 $11,250 $26,538 $49463 $88,738 $110,988 $268.075 $9,400 $16.500 $36,500 $32,575 $91,850 $ 114,100 $271,200 $0.00 $0.00 $995.00 $4,664.00 $ 14,751.00 $33,003.00 $4784300 $84,496.75 Single or Married Filling Separately $6275 $000 30.00 $497.50 $2.332.00 $7.375.50 $ 16,80130 $23,921 50 $78.902.13 Head of Household $0.00 Plus this percentage- D $0.00 $710.00 $3,110.00 $6,646.50 $16.072.50 $23,192.50 $78,177.50 0% 10% 12% 22% 24% 32% 35% 37% 0% 109 12% 249 32% 35% 37% 0% 10% 129 22% 24% 32% 35% 37% of the amount that the Adjusted Annual Wage exceeds--- E 50 $12.550 $22.500 $53.075 $98.925 $177475 $221.975 $326.700 50 $6275 $11.250 $26.538 $49463 $88,738 $110,988 $268,075 50 $9,400 $16.500 $36.500 $52.575 $91,350 $ 114,100 $271.200
Transcribed Image Text:2021 Percentage Method Tables for Automated Payroll Systems STANDARD Withholding Rate Schedules Form W-4, Step 2 (Use these if the Form W-4 is from 2019 or earlier, or if the Form W-4 is p 2, Checkbos, Withholding Rate Schedules from 2020 or later and the box in Step 2 of Form W-4 is NOT checked) (Use these if the Form W-4 is from 2020 or later and the box in Step 2 of Form W-4 IS checked) If the Adjusted Annual Wage Amount (line 2a) is: of the amount that the Adjusted Annual Wage exceeds E At least- A 50 $12.200 $32,100 $93,250 $184,950 $342050 $.431.050 $640.500 50 $3.950 $13,900 $44475 $90,325 $168.875 $213.375 $527550 50 $10,200 $24,400 $64,400 $96.550 $175,100 $219,400 $533.300 But less than B The tentative amount to withhold is: C Married Filling Jointly $12.200 $32.100 $93,250 $184,950 $342050 $431,050 $640.500 $0.00 $0.00 $1.990.00 $9328.00 $29.502.00 $67,206.00 $95,586.00 $168.993.50 $10.200 $24.400 $64.400 $96.550 $175,100 $219,600 5533.800 Single or Married Filling Separately $3.950 $0.00 $13.900 $0.00 $995.00 664.00 $44,475 $90,325 $168,875 $14.751.00 $213.375 $.33.603.00 $527550 $47.843.00 $157.804.25 Head of Household $0.00 50.00 $1,420.00 $6.220.00 Phas this percentage- D $13,293.00 $32.145.00 $46385.00 $156.355.00 0% 10% 129 22% 24% 32% 35% 37% 0% 10% 129 22% 24% 32% 354 37% 0% 10% 12% 22%4 24% 32% 37% 50 $12,200 $32,100 $93,250 $184,950 $342050 $431050 $640,500 50 $3,950 $13,900 $44/475 $90,325 $168.875 $213,375 $527,550 50 $10.200 $ 24,400 $64,400 $ 96,350 $175,100 $219600 $533,800 If the Adjusted Annual Wage Amount (line 2a) is: But less than At least- A SO $12.550 $22.500 $ 53,075 $98,925 $177,475 $221,975 $326,700 50 $6.275 $11,250 326.338 $49,463 $18,718 $110,988 $268,075 50 $9,400 $16,500 $36,500 $52.575 $91,850 $114.100 $ 271.200 B The tentative amount to withhold is C Married Filling Jointly $12.550 $22.500 $53,075 $98,925 $177475 $221,975 $326,700 $11,250 $26,538 $49463 $88,738 $110,988 $268.075 $9,400 $16.500 $36,500 $32,575 $91,850 $ 114,100 $271,200 $0.00 $0.00 $995.00 $4,664.00 $ 14,751.00 $33,003.00 $4784300 $84,496.75 Single or Married Filling Separately $6275 $000 30.00 $497.50 $2.332.00 $7.375.50 $ 16,80130 $23,921 50 $78.902.13 Head of Household $0.00 Plus this percentage- D $0.00 $710.00 $3,110.00 $6,646.50 $16.072.50 $23,192.50 $78,177.50 0% 10% 12% 22% 24% 32% 35% 37% 0% 109 12% 249 32% 35% 37% 0% 10% 129 22% 24% 32% 35% 37% of the amount that the Adjusted Annual Wage exceeds--- E 50 $12.550 $22.500 $53.075 $98.925 $177475 $221.975 $326.700 50 $6275 $11.250 $26.538 $49463 $88,738 $110,988 $268,075 50 $9,400 $16.500 $36.500 $52.575 $91,350 $ 114,100 $271.200
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