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Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $16.10 per hour. She completed her W-4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare). Calculate her take-home pay for her first check. (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.)

Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $16.10 per hour. She completed her W-4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare). Calculate her take-home pay for her first check. (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.)

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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Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $16.10 per hour. She completed her W-4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare).

Calculate her take-home pay for her first check. (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.)

```plaintext TABLE 9.2: Percentage Method Income Tax Withholding Schedules Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2018) TABLE 1—WEEKLY Payroll Period (a) SINGLE person (including head of household) If the amount of wages (after subtracting withholding allowances) is: - Not over $71: $0.00 plus 0% - Over $71 but not over $254: $0.00 plus 10% of excess over $71 - Over $254 but not over $815: $18.30 plus 12% of excess over $254 - Over $815 but not over $1,673: $88.58 plus 22% of excess over $815 - Over $1,673 but not over $3,387: $280.22 plus 24% of excess over $1,673 - Over $3,387 but not over $8,446: $680.62 plus 32% of excess over $3,387 - Over $8,446 but not over $9,687: $2,213.48 plus 35% of excess over $8,446 - Over $9,687: $2,698.10 plus 37% of excess over $9,687 (b) MARRIED person If the amount of wages (after subtracting withholding allowances) is: - Not over $222: $0.00 plus 0% - Over $222 but not over $798: $0.00 plus 10% of excess over $222 - Over $798 but not over $1,550: $57.60 plus 12% of excess over $798 - Over $1,550 but not over $3,067: $147.72 plus 22% of excess over $1,550 - Over $3,067 but not over $6,411: $490.82 plus 24% of excess over $3,067 - Over $6,411 but not over $9,761: $1,317.84 plus 32% of excess over $6,411 - Over $9,761 but not over $11,761: $2,341.64 plus 35% of excess over $9,761 - Over $11,761: $3,051.64 plus
Transcribed Image Text:```plaintext TABLE 9.2: Percentage Method Income Tax Withholding Schedules Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2018) TABLE 1—WEEKLY Payroll Period (a) SINGLE person (including head of household) If the amount of wages (after subtracting withholding allowances) is: - Not over $71: $0.00 plus 0% - Over $71 but not over $254: $0.00 plus 10% of excess over $71 - Over $254 but not over $815: $18.30 plus 12% of excess over $254 - Over $815 but not over $1,673: $88.58 plus 22% of excess over $815 - Over $1,673 but not over $3,387: $280.22 plus 24% of excess over $1,673 - Over $3,387 but not over $8,446: $680.62 plus 32% of excess over $3,387 - Over $8,446 but not over $9,687: $2,213.48 plus 35% of excess over $8,446 - Over $9,687: $2,698.10 plus 37% of excess over $9,687 (b) MARRIED person If the amount of wages (after subtracting withholding allowances) is: - Not over $222: $0.00 plus 0% - Over $222 but not over $798: $0.00 plus 10% of excess over $222 - Over $798 but not over $1,550: $57.60 plus 12% of excess over $798 - Over $1,550 but not over $3,067: $147.72 plus 22% of excess over $1,550 - Over $3,067 but not over $6,411: $490.82 plus 24% of excess over $3,067 - Over $6,411 but not over $9,761: $1,317.84 plus 32% of excess over $6,411 - Over $9,761 but not over $11,761: $2,341.64 plus 35% of excess over $9,761 - Over $11,761: $3,051.64 plus
**Table 9.1: Percentage Method Income Tax Withholding Allowances** This table provides the withholding allowances for various payroll periods to assist in calculating income tax withholdings. The amounts listed represent the value of one withholding allowance for different payroll frequencies. - **Weekly:** $79.80 - **Biweekly:** $159.60 - **Semimonthly:** $172.90 - **Monthly:** $345.80 - **Quarterly:** $1,037.50 - **Semiannually:** $2,075.00 - **Annually:** $4,150.00 - **Daily or miscellaneous (each day of the payroll period):** $16.00 These values are used in determining the amount to be withheld from employees' paychecks for tax purposes, based on their filing status and number of allowances claimed.
Transcribed Image Text:**Table 9.1: Percentage Method Income Tax Withholding Allowances** This table provides the withholding allowances for various payroll periods to assist in calculating income tax withholdings. The amounts listed represent the value of one withholding allowance for different payroll frequencies. - **Weekly:** $79.80 - **Biweekly:** $159.60 - **Semimonthly:** $172.90 - **Monthly:** $345.80 - **Quarterly:** $1,037.50 - **Semiannually:** $2,075.00 - **Annually:** $4,150.00 - **Daily or miscellaneous (each day of the payroll period):** $16.00 These values are used in determining the amount to be withheld from employees' paychecks for tax purposes, based on their filing status and number of allowances claimed.
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