Exhibit 4-1:Use the tables on the following pages to calculate the answers to the problems listed. Assume Forms W-4 from 2020 or Later using Standard Withholding.2022 Wage Bracket Method Tables for Manual Payroll Systems with Forms W-4 From 2020 or LaterBIWEEKLY Payroll PeriodIf the Adjusted WageAmount (line 1h) isAt least$390$400$410$420$430$440$450$465$480$495$510$525$540$555$570$585$600$615$630$645$660$675$690$705$720$735$750$765$780$795$810$825$840$855$870$885$900$915$930$945$1,005$1,020$1,035$1,050$1,070$1,090$1,110But lessthan$1,130$1,150$1,170$1,190$400$410$420$430$440$450$465$480$495$510$525$540$555$570$585$600$615$630$645$660$675$690$705$720$735$750$765$780$795$810$825$840$855$870$885$900$915$960$975$990 $1,005$930$945$960$975$990$1,020$1,035$1,050$1,070$1,090$1,110$1,130$1,150$1,170$1,190$1,210$1,210 $1,230Married Filing JointlyStandardwithholding2222222222222222222222222 22222 22222 22222 22382 3882$8$10$12$14$16$18$20$22Form W-4, Step 2.Checkboxwithholding$0$0$0$0$0$0$0$0$0$6$8$9$11$12$14$15$17$18$20$21$23$24$26$27$29$30$32$33$35$36$38$39$41$43$45$47$48$50$52$54$56$57$60$62$64$67$69$72$74$76$79Head of HouseholdStandardwithholdingThe Tentative Withholding Amount is:46658 4885884023 355558481828 8888888888888888888888888$6$10$16$19$22$27$31$33$37$39$41$43Form W-4, Step 2.Checkboxwithholding$47$2$3$4$5$6$7$8$10$11$13$14$16$17$19$20$22$23$25$26$28$30$31$33$35$37$39$40$42$44$46$48$49$51$53$55$57$58$60$62$64$66$67$69$71$73$75$77$79$82$84$86$89$91$94$96Single or Married Filing SeparatelyForm W-4, Step 2.CheckboxwithholdingStandardwithholding$0$9$11$12$14$15$17$18$20$21$23$24$26$27$29$30$32$33$35$36$38$39$41$43$45$47$48$50$52$54$56$57$60$62$64$67$15$16$17$18$19$20$21$23$25$26$28$30$32$34$35$37$39$41$43$44$46$48$50$52$53$55$57$59$61$62$64$66$68$70$71$73$75$77$79$80$82$84$86$88$89$91$94$99$103$107$69$72$74$76$79Source: Internal Revenue Service.$112$116$121$125$129 2022 Percentage Method Tables for Manual Payroll Systems With Forms W-4 from 2020 or LaterBIWEEKLY Payroll PeriodSTANDARD Withholding Rate Schedules(Use these if the box in Step 2 of Form W-4 is NOT checked)If the Adjusted WageAmount (line 1h) is:At least-$0$498$893$2,105$3,924$0$0.00$996$0.00$1,787$79.10$4,210$369.86$7,848 $14,077 $1,170.22$14,077 $17,608 $2,665.18$17,608 $25,913 $3,795.10$25,913$6,701.85$7,038$8,804$21,263Thetentativeamount towithhold is:сMarried Filing Jointly$996$1,787$4,210$7,848But lessthanB$893$2,105$3,924$7,038of theamount thatthe AdjustedPlus this Wagepercentage- exceeds-DESingle or Married Filing Separately$498$0.00$0.00$39.50$184.94$585.12$8,804 $1,332.48$21,263$1,897,60$6,258.250%10%12%22%24%32%35%37%0%10%12%22%24%32%35%37%$0$996$1,787$4,210$7,848$14,077$17,608$25,913$0$498$893$2,105$3,924$7,038$8,804$21,263Form 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 WageAmount (line 1h) is:At least-$0$498$893$2,105$3,924$7,038$8,804$12.957$0$249$447$1,052$1,962$3,519$4,402$10,632But lessthanBThetentativeamount to Plus thiswithhold is: percentageDсMarried Filing Jointly$498$893$2,106$3,924$7,038$8,804$12,957$0.00$0.00$39.50$184.94$585.12$1,332.48$1,897.60$3.351.150%10%12%22%24%32%35%37%Single or Married Filing Separately$249$0.00$447$0.00$1,052$19.80$1,962$92.40$3,519$292.60$4,402$666.28$10,632$948.84$3,129.340%10%12%22%24%32%35%37%of theamount thatthe AdjustedWageexceeds-Eso$498$893$2,105$3,924$7,038$8,804$12,957$0$249$447$1,052$1,962$3,519$4,402$10,632Source: Internal Revenue Service.Refer to Exhibit 4-1. Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300along with his regular pay. If Dorsey is single, how much would be deducted from his pay for FIT? (There are two ways to determine his deduction-do not usetable for percentage method.)

The amount that an employer deducts from an employee's paycheck as income tax withholding is what…

Refer to Exhibit 4-1. Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single, how much would be deducted from his pay for FIT? (There are two ways to determine his deduction-do not use table for percentage method.)

Refer to Exhibit 4-1. Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single, how much would be deducted from his pay for FIT? (There are two ways to determine his deduction-do not use table for percentage method.)

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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Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single, how much would be deducted from his pay for FIT, based on the two methods outlined below? Hint: There are two ways to determine the deduction. Do NOT use the table for the percentage method. a. Wage-bracket table $fill in the blank 1 b. Percentage method $fill in the blank 2 2020 Wage Bracket Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or LaterBIWEEKLY Payroll Period If the Adjusted Wage Amount (line 1h) is Married Filing Jointly Head of Household Single or Married Filing Separately At least But less than Standard Withholding Form W-4, Step 2, Checkbox Withholding Standard Withholding Form W-4, Step 2, Checkbox Withholding Standard Withholding Form W-4, Step 2, Checkbox Withholding The Tentative Withholding Amount is: $380$390$400$410$420 $390$400$410$420$430…
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