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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Dennis Murphy is a salaried, nonexempt administrative assistant for Dionti Investments and is paid semimonthly. He is married filing joint with five dependents under 17. His annual salary is $91,000, and his standard workweek is 37.5 hours. During the pay period, he worked 10 hours overtime. Find the hourly rate, overtime rate, and the number of regular hours and overtime hours.
Reed is a waiter at Albicious Foods in South Carolina. Reed is single with one other dependent and receives the standard tipped hourly wage. During the week ending October 20, 2023, 44 hours were worked, and Reed received $250 in tips. Calculate Reed's gross pay, assuming tips are included in the overtime rate determination. Use Table 3-2. Required: 1. Complete the payroll register for Reed. 2a. Does Albicious Foods need to contribute to Reed's wages to meet FLSA requirements? 2b. If so, how much should be contributed? Complete this question by entering your answers in the tabs below. Req 1 Company Complete the payroll register for Reed. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Name Req 2a Reed Totals Albicious Foods Filing Status Req 2b S Dependents 1 Other Hourly Rate or Period Wage Overtime Rate Period Ended: Number of Regular Hours 40.00 10/20/2023 Number of Overtime Hours 4.00 $ Regular Earnings
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