PSc 3-5 Calculate Federal Income Tax Withholding Using Two Methods (pre-2020 Form W-4)For each employee listed, use both the wage-bracket method and the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020Form W-4. Refer to the Federal Tax Tables in Appendix A of your textbook.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.Publication 15-T (2020)1: Michael Daugherty (married; 5 federal withholding allowances) earned weekly gross pay of $855. For each period, he makes a 403(b) retirement plan contribution of 12%of gross pay.Using wage-bracket method: Federal income tax withholding = $Using percentage method: Federal income tax withholding = $2: Carol Harrison (single; 0 federal withholding allowance) earned daily gross pay of $250. For each period, she makes a 401(k) contribution of 10% of gross pay.Using wage-bracket method: Federal income tax withholding = $_Using percentage method: Federal income tax withholding = $3: John Moyer (married; 6 federal withholding allowances) earned monthly gross pay of $3,050. He participates in a flexible spending account, to which he contributes $250during the period.Using wage-bracket method: Federal income tax withholding = $Using percentage method: Federal income tax withholding = $

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Answered: Michael Daugherty (married; 5 federal…

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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An employee earned $43,300 working for an employer in the current year. The current rate for Federal Insurance Contributions Act (FICA) Social Security is 6.2% payable on earnings up to $137,700 maximum per year, and the rate for Federal Insurance Contributions Act (FICA) Medicare 1.45%. The employer's total Federal Insurance Contributions Act (FICA) payroll tax for this employee is: Multiple Choice O $7.221.60 $3,312.45 $10,534.05 $2.684 60
2:Jaclyn Connor earned gross pay of $1,820 during a recent pay period. She contributes 7% of gross pay to a 401(k) retirement plan and 3% of gross pay to a dependent care flexible spending account.Taxable earnings = $
Calculate the net pay. The balance before this weekly payroll is $90 below maximum as related to cumulative earnings in calculating Social Security. Assume a tax rate of 6.2% for Social Security on $142,800 and 1.45% for Medicare. status = single Gross= 900 calculate: FIT, social security, Medicare, and Net pay
Jared Goff, of Los Angeles, determined the following tax information: gross salary, $85,000; interest earned, $2,500; IRA contribution, $4,500; and standard deduction, $12,200. Filing single, calculate Jared's taxable income and tax liability.
Please help
15-16) Larry Calanan has earnings of $518 in a week. He is single and claims 2 withholding allowances. His deductions include FICA, Medicare, federal withholding, state disability insurance, state withholding, union dues of $15, and charitable contributions of $21. 15) Find the tax amounts FICA=? Select the correct total tax amount. $101.35 $114.35 $395.96 Medicare=? federal withholding=? SDI=? state withholding=? $38.93
John Moyer (married; 6 federal withholding allowances) earned monthly gross pay of $3,150. He participates in a flexible spending account, to which he contributes $265 during the period.Using wage-bracket method: Federal income tax withholding = $Using percentage method: Federal income tax withholding = $
Samantha Lindsay works at College of Austin and is paid $15 per hour for a 40-hour workweek and time-and-a-half for hours above 40. (Click the icon to view payroll tax rate information.) Read the requirements. CEN Requirement 1. Compute Lindsay's gross pay for working 52 hours during the first week of February. Straight-time pay for 40 hours $ 600.00 270.00 Overtime pay for 12 hours 870.00 Gross Pay Requirement 2. Lindsay is single, and her income tax withholding is 15% of total pay. Lindsay's only payroll deductions are payroll taxes. Compute Lindsay's net (take-home) pay for the week. Assume Lindsay's earnings to date are less than the OASDI limit. (Round all amounts to the nearest cent) Gross pay Withholding deductions: Employee income tax Employee OASDI tax Employee Medicare tax Total withholdings Net (take-home) pay 4
An employee earned $50,000 during the year. FICA tax for Social Security is 6.2% and FICA tax for Medicare is 1.45%. The employer’s share of FICA taxes is a. $0; employee’s pay exceeds FICA limit. b. $0; FICA is not an employer tax. c. $3,100. d. $725. e. $3,825.
Complete the following table with the information provided. Employee, with your deductions allowed Gross income Social Security Tax (6.20%) Medical care contribution (1.45%) Income tax Other deductions Net income 8 Stream (0) $ 735 (12%) $ 25 9 Bravo (1) $ 675 (11%) $ 12 10 Colon (2) $ 895 (10%) -0- eleven Diaz (3) $ 580 (9%) $ 5 12 Figueroa (4) $ 610 (7%) -0- Determine: Social Security Contribution (FICA) Medical care contribution (Medicare - FICA) Income tax Net income
Use the following information Molly has collect to help her determine her taxable income for the year: Salary from her job 115,100 Interest earn from 1,280 savings Interest paid on student loans Your Answer: Answer 905 Standard deduction 12,950 Itemized deductions 842 Child tax credit 2000
Erica has the following: Salary = $30,000; RPP contribution = $2,000; mortgage interest = $1,000; Union dues = $800; Basic Personal Amount = $11,635. Her federal income tax rate = 15%. What amount of federal income tax does Erica owe? A) $2,335 B) $4,200 C) $2,259 D) $2,829

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