Use 2020 wage-bracket tables **Problem #3**Ernesto Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from the wages paid each employee.| Employee | Filing Status | No. of Withholding Allowances | Payroll Period | Wage | Amount to Be Withheld ||-------------|---------------|-------------------------------|----------------|-------|-----------------------|| Lily Troon | MFJ | N/A | W | $1,250| || Barry Ortega| S | N/A | W | 695 | || Pat Lopez | S | N/A | W | 915 | || Rex Kim | MFJ | N/A | M | 3,070 | || Ruth Horace | MFJ | N/A | M | 2,730 | || Tom Gleam | MFJ | N/A | S | 1,200 | || Tom Abreu | S | N/A | D | 115 | || Holly Sanchez| S | N/A | S | 2,040 | || Kathy Nee | MFJ | N/A | M | 3,500 | |**Legend:**- MFJ = Married Filing Jointly- S = Single- W = Weekly- S = Semimonthly- M = Monthly- D = Daily**Explanation:**This table lists employees of Ernesto Enterprises along with their filing status, payroll period, and wages. The task is to determine the correct federal income tax withholding amount for each employee using the wage-bracket method, indicated under the column "Amount to Be Withheld."

Solving by Standard withholding. Amount to be withheld for 9 employees.

Answered: Lily Troon MFJ N/A $1,250 Barry Ortega…

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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Lily Troon MFJ N/A $1,250 Barry Ortega N/A 695 Pat Lopez N/A 915 Rex Kim MFJ N/A M 3,070 Ruth Horace MFJ N/A 2,730 Tom Gleam MFJ N/A S 1,200 Tom Abreu N/A D 115 N/A N/A Holly Sanchez s 2,040 Kathy Nee MEL M 3.500