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Mary Matthews made $1,150 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married filing jointly. (Use Wage Bracket Method) Round your answer to two decimal place.

Mary Matthews made $1,150 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married filing jointly. (Use Wage Bracket Method) Round your answer to two decimal place.

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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(18) Mary Matthews made $1,150 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married filing jointly. (Use Wage Bracket Method) Round your answer to two decimal place.

TABLE 2–BIWEEKLY Payroll Period 2020 Percentage Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or Later BIWEEKLY Payroll Period STANDARD Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 is NOT checked) Form W-4, Step 2, Checkbox, Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 IS checked) If the Adjusted Wage of the of the If the Adjusted Wage Amount (line lh) is: The - tentative amount that Amount (line lh) is: The the Adjusted Wage amount that the Adjusted Wage withhold is: percentage- exceeds- tentative But less amount to Plus this But less amount to Plus this At least- than- withhold is: percentage- exceeds- At least- than- A в D E A В D E Married Filing Jointly Married Filing Jointly $477 $0 $954 $0.00 0% $0 $0 $0.00 0% $0 $954 $1,713 $0.00 10% $954 $477 $857 $0.00 10% $477 $1,713 $4,040 $75.90 12% $1,713 $857 $2,020 $38.00 12% $857 $4,040 $7,533 $355.14 22% $4,040 $2,020 $3,766 $177.56 22% $2,020 $7,533 $13,515 $1,123.60 24% $7,533 $3,766 $6,758 $561.68 24% $3,766 $13,515 $16,904 $2,559.28 32% $13,515 $6,758 $8,452 $1,279.76 32% $6,758 $16,904 $24,879 $3,643.76 35% $16,904 $8,452 $12,439 $1,821.84 35% $8,452 $24,879 $6,435.01 37% $24,879 $12,439 $3,217.29 37% $12,439 Single or Married Filing Seperately Single or Married Filing Seperately $0 $477 $0.00 0% $0 sO $238 $0.00 0% $0 $477 $857 $0.00 10% $477 $238 $428 $0.00 10% $238 $857 $2,020 $38.00 12% $857 $428 $1,010 $19.00 12% $428 $2,020 $3,766 $177.56 22% $2,020 $1,010 $1,883 $88.84 22% $1,010 $3,766 $6,758 $561.68 24% $3,766 $1,883 $3,379 $280.90 24% $1,883 $6,758 $8,452 $1,279.76 32% $6,758 $3,379 $4,226 $639.94 32% $3,379 $8,452 $20,415 $1,821.84 35% $8,452 $4,226 $10,208 $910.98 35% $4,226 $20,415 $6,008.89 37% $20,415 $10,208 $3,004.68 37% $10,208
Transcribed Image Text:TABLE 2–BIWEEKLY Payroll Period 2020 Percentage Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or Later BIWEEKLY Payroll Period STANDARD Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 is NOT checked) Form W-4, Step 2, Checkbox, Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 IS checked) If the Adjusted Wage of the of the If the Adjusted Wage Amount (line lh) is: The - tentative amount that Amount (line lh) is: The the Adjusted Wage amount that the Adjusted Wage withhold is: percentage- exceeds- tentative But less amount to Plus this But less amount to Plus this At least- than- withhold is: percentage- exceeds- At least- than- A в D E A В D E Married Filing Jointly Married Filing Jointly $477 $0 $954 $0.00 0% $0 $0 $0.00 0% $0 $954 $1,713 $0.00 10% $954 $477 $857 $0.00 10% $477 $1,713 $4,040 $75.90 12% $1,713 $857 $2,020 $38.00 12% $857 $4,040 $7,533 $355.14 22% $4,040 $2,020 $3,766 $177.56 22% $2,020 $7,533 $13,515 $1,123.60 24% $7,533 $3,766 $6,758 $561.68 24% $3,766 $13,515 $16,904 $2,559.28 32% $13,515 $6,758 $8,452 $1,279.76 32% $6,758 $16,904 $24,879 $3,643.76 35% $16,904 $8,452 $12,439 $1,821.84 35% $8,452 $24,879 $6,435.01 37% $24,879 $12,439 $3,217.29 37% $12,439 Single or Married Filing Seperately Single or Married Filing Seperately $0 $477 $0.00 0% $0 sO $238 $0.00 0% $0 $477 $857 $0.00 10% $477 $238 $428 $0.00 10% $238 $857 $2,020 $38.00 12% $857 $428 $1,010 $19.00 12% $428 $2,020 $3,766 $177.56 22% $2,020 $1,010 $1,883 $88.84 22% $1,010 $3,766 $6,758 $561.68 24% $3,766 $1,883 $3,379 $280.90 24% $1,883 $6,758 $8,452 $1,279.76 32% $6,758 $3,379 $4,226 $639.94 32% $3,379 $8,452 $20,415 $1,821.84 35% $8,452 $4,226 $10,208 $910.98 35% $4,226 $20,415 $6,008.89 37% $20,415 $10,208 $3,004.68 37% $10,208
2020 Wage Bracket Method Tables for Manual Payroll Svstems With Forms W-4 From 2020 or Later BIWEEKLY Payroll Period If the Adjusted Wage Amount (line 1h) is Single or Married Filing Married Filing Jointly Head of Household Separately Form W-4, Step 2, Checkbox Withholding Form W-4, Step 2, Checkbox Withholding Form W-4, Step 2, Checkbox Withholding Standard Standard Withholding Standard At least But less than Withholding Withholding The Tentative Withholding Amount is: $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $380 $390 $400 $410 $3 $15 $390 $4 $16 $5 $6 $7 $400 $17 $410 $420 $18 $420 $430 $19 $0 $0 $0 $0 $0 $0 $0 $0 $1 $2 $0 $0 $0 $0 $8 $9 $0 $0 $0 $20 $22 $24 $25 $27 $430 $445 $445 $460 $475 $460 $11 $475 $490 $12 $1 $490 $505 $14 $2 $0 $0 $0 $0 $0 $0 $0 $0 $0 SO $15 $505 $520 $535 $520 $535 $29 $31 $33 $4 $4 $5 $7 $8 $10 $5 $7 $8 $17 $18 $20 $550 $550 $565 $34 $36 $565 $580 $21 $10 SO $38 $40 $42 $43 $45 $580 $595 $595 $11 $23 $1 $13 $14 $16 $17 $13 $610 $625 $0 $0 $24 $0 $0 $0 $26 $27 $29 $610 $14 $0 $0 $625 $640 $655 $16 $640 $17 $0 $0 $0 $0 $0 $19 $20 $22 $23 $25 $0 $0 $0 $0 $1 $47 $49 $51 $52 $54 $655 $670 $31 $19 $20 $22 $33 $35 $36 $38 $670 $685 $685 $700 $700 $715 $23 $715 $730 $25 $0 $0 $0 $0 $0 $40 $26 $28 $29 $31 $56 $58 $60 $61 $63 $730 $745 $26 $2 $28 $29 $745 $760 ירך> $4 $42 $5 $7 $8 $760 $775 $44 $45 $47 $775 $790 $31 S790 S805 $32 $32 $805 $0 $0 $0 $0 $34 $35 $37 $38 $10 $11 $13 $34 $35 $37 $38 $65 $67 $69 $70 $72 S820 $49 S820 $865 $51 $865 $850 $53 $850 $865 $14 $54 S865 S880 $0 $40 $16 $56 $40 $0 $0 $0 $0 $17 $58 $60 $62 $63 $65 SS80 S895 $42 $42 $74 $76 $78 $79 $81 S895 $910 $43 $19 $43 $910 $925 $940 $955 $45 $20 $45 $925 $47 $2 $47 $940 $0 so $49 $23 $49 $1 $51 $67 $51 $52 $83 $85 $87 $8 $92 $955 $970 $25 $970 $985 $2 $52 $26 $985 $1,000 $1,015 $1,000 $1,015 $1,035 $69 $71 $72 $75 $54 $28 $29 $4 $54 $5 $7 $56 $8 $56 $58 $31 $1,035 $1,055 $1,075 $1,095 $1,115 $1,055 $1,075 $1,095 $1,115 $1,135 $9 $61 $33 $77 $79 $82 $61 $63 $96 $1 $63 $65 $68 $70 $35 $37 $39 $101 $13 $65 $105 $15 $4 $87 $68 $110 $17 $41 $70 $114 $73 $1,135 $1,155 $1,175 $1,195 $1,215 $1,155 $1,175 $1,195 $1.215 $1,235 $118 $123 $127 $132 $19 $73 $75 $7 $80 $82 $89 $91 $43 $75 $7 $80 $2 $21 $45 $23 $25 $27 $47 $49 $94 $96 $99 $51 $136 888888888888888888888888
Transcribed Image Text:2020 Wage Bracket Method Tables for Manual Payroll Svstems With Forms W-4 From 2020 or Later BIWEEKLY Payroll Period If the Adjusted Wage Amount (line 1h) is Single or Married Filing Married Filing Jointly Head of Household Separately Form W-4, Step 2, Checkbox Withholding Form W-4, Step 2, Checkbox Withholding Form W-4, Step 2, Checkbox Withholding Standard Standard Withholding Standard At least But less than Withholding Withholding The Tentative Withholding Amount is: $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $380 $390 $400 $410 $3 $15 $390 $4 $16 $5 $6 $7 $400 $17 $410 $420 $18 $420 $430 $19 $0 $0 $0 $0 $0 $0 $0 $0 $1 $2 $0 $0 $0 $0 $8 $9 $0 $0 $0 $20 $22 $24 $25 $27 $430 $445 $445 $460 $475 $460 $11 $475 $490 $12 $1 $490 $505 $14 $2 $0 $0 $0 $0 $0 $0 $0 $0 $0 SO $15 $505 $520 $535 $520 $535 $29 $31 $33 $4 $4 $5 $7 $8 $10 $5 $7 $8 $17 $18 $20 $550 $550 $565 $34 $36 $565 $580 $21 $10 SO $38 $40 $42 $43 $45 $580 $595 $595 $11 $23 $1 $13 $14 $16 $17 $13 $610 $625 $0 $0 $24 $0 $0 $0 $26 $27 $29 $610 $14 $0 $0 $625 $640 $655 $16 $640 $17 $0 $0 $0 $0 $0 $19 $20 $22 $23 $25 $0 $0 $0 $0 $1 $47 $49 $51 $52 $54 $655 $670 $31 $19 $20 $22 $33 $35 $36 $38 $670 $685 $685 $700 $700 $715 $23 $715 $730 $25 $0 $0 $0 $0 $0 $40 $26 $28 $29 $31 $56 $58 $60 $61 $63 $730 $745 $26 $2 $28 $29 $745 $760 ירך> $4 $42 $5 $7 $8 $760 $775 $44 $45 $47 $775 $790 $31 S790 S805 $32 $32 $805 $0 $0 $0 $0 $34 $35 $37 $38 $10 $11 $13 $34 $35 $37 $38 $65 $67 $69 $70 $72 S820 $49 S820 $865 $51 $865 $850 $53 $850 $865 $14 $54 S865 S880 $0 $40 $16 $56 $40 $0 $0 $0 $0 $17 $58 $60 $62 $63 $65 SS80 S895 $42 $42 $74 $76 $78 $79 $81 S895 $910 $43 $19 $43 $910 $925 $940 $955 $45 $20 $45 $925 $47 $2 $47 $940 $0 so $49 $23 $49 $1 $51 $67 $51 $52 $83 $85 $87 $8 $92 $955 $970 $25 $970 $985 $2 $52 $26 $985 $1,000 $1,015 $1,000 $1,015 $1,035 $69 $71 $72 $75 $54 $28 $29 $4 $54 $5 $7 $56 $8 $56 $58 $31 $1,035 $1,055 $1,075 $1,095 $1,115 $1,055 $1,075 $1,095 $1,115 $1,135 $9 $61 $33 $77 $79 $82 $61 $63 $96 $1 $63 $65 $68 $70 $35 $37 $39 $101 $13 $65 $105 $15 $4 $87 $68 $110 $17 $41 $70 $114 $73 $1,135 $1,155 $1,175 $1,195 $1,215 $1,155 $1,175 $1,195 $1.215 $1,235 $118 $123 $127 $132 $19 $73 $75 $7 $80 $82 $89 $91 $43 $75 $7 $80 $2 $21 $45 $23 $25 $27 $47 $49 $94 $96 $99 $51 $136 888888888888888888888888
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