Refer to the following table to answer the following questions:2012 Federal Income Tax BracketsTaxable IncomeTax Rate10 percent$0-$8,700$8,701-$35,35015 percent25 percent$85,651-$178,650 28 percent$178,651-$388,350 33 percent35 percent$35,351-$85,650Over $388,350Using the table, what is the total payroll tax bill (assume zero state and local income taxes)for someone who makes $67,000 per year?O $5.125.50O $17.905.25O $23,030.75O $16.933.75O $13.751.25

Solution: Tax should be calculated slab wise = (10/100*8700)+ (15/100*26,650)+(25/100*31650) =…

Refer to the following table to answer the following questions: 2012 Federal Income Tax Brackets Taxable Income Tax Rate $0-$8,700 10 percent 15 percent $8,701-$35,350 $35,351-$85,650 $85,651-$178,650 28 percent $178,651-$388,350 33 percent 25 percent Over $388,350 35 percent Using the table, what is the total payroll tax bill (assume zero state and local inm for someone who makes $67,000 per year? O $5,125.50 O $17.905.25 O $23,030.75 O $16.933.75

Refer to the following table to answer the following questions: 2012 Federal Income Tax Brackets Taxable Income Tax Rate $0-$8,700 10 percent 15 percent $8,701-$35,350 $35,351-$85,650 $85,651-$178,650 28 percent $178,651-$388,350 33 percent 25 percent Over $388,350 35 percent Using the table, what is the total payroll tax bill (assume zero state and local inm for someone who makes $67,000 per year? O $5,125.50 O $17.905.25 O $23,030.75 O $16.933.75

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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Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. Amount to BeWithheld Employee FilingStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Lennon, A. S N/A $675 weekly $fill in the blank 1 $fill in the blank 2 Starr, P. S N/A 1,365 weekly fill in the blank 3 fill in the blank 4 McNeil, S. MFJ N/A 1,775 biweekly…
A-6
Use (a) the percentage method and (b) the wage - bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2024 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2023 federal income tax tables for Manual Systems with Forms W-4 From 2020 or Later with Standard Withholding and 2023 FICA rates have been used.Amount to Be withheld
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