Taxable Wages $0-$1,123 $1,123 - $2,015 $2,015-$4,750 $4,750-$8,856 $8,856 - $15,888 $15,888 - $19,871 $19,871-$29.246 $29.246 or more Round your answer to the nearest dollar. Wages Withholding $0.00 $0.00 plus 10% of amount exceeding $1,123 $89.20 plus 12% of amount exceeding $2,015 $417.40 plus 22% of amount exceeding $4,750 $1,320.72 plus 24% of amount exceeding $8,856 $3,008.40 plus 32% of amount exceeding $15,888 $4,282.96 plus 35% of amount exceeding $19,871 $7,564.21 plus 37% of amount exceeding $29,246

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Mark's gross annual salary is $65,349 with biweekly paychecks. If he is married and has 4
dependent children, compute the biweekly withholding his employer will send to the IRS.
Use the following information:
• Biweekly allowance: $165.38 per person.
2023 Married Person Biweekly Withholding Table
Taxable Wages
$0-$1,123
$1,123 - $2,015
$2,015 - $4,750
$4,750 - $8,856
$8,856 - $15,888
$15,888 - $19,871
$19,871-$29.246
$29.246 or more
Round your answer to the nearest dollar.
Wages Withholding
$0.00
$0.00 plus 10% of amount exceeding $1,123
$89.20 plus 12% of amount exceeding $2,015
$417.40 plus 22% of amount exceeding $4,750
$1,320.72 plus 24% of amount exceeding $8,856
$3,008.40 plus 32% of amount exceeding $15,888
$4,282.96 plus 35% of amount exceeding $19,871
$7,564.21 plus 37% of amount exceeding $29,246
Transcribed Image Text:Mark's gross annual salary is $65,349 with biweekly paychecks. If he is married and has 4 dependent children, compute the biweekly withholding his employer will send to the IRS. Use the following information: • Biweekly allowance: $165.38 per person. 2023 Married Person Biweekly Withholding Table Taxable Wages $0-$1,123 $1,123 - $2,015 $2,015 - $4,750 $4,750 - $8,856 $8,856 - $15,888 $15,888 - $19,871 $19,871-$29.246 $29.246 or more Round your answer to the nearest dollar. Wages Withholding $0.00 $0.00 plus 10% of amount exceeding $1,123 $89.20 plus 12% of amount exceeding $2,015 $417.40 plus 22% of amount exceeding $4,750 $1,320.72 plus 24% of amount exceeding $8,856 $3,008.40 plus 32% of amount exceeding $15,888 $4,282.96 plus 35% of amount exceeding $19,871 $7,564.21 plus 37% of amount exceeding $29,246
Expert Solution
steps

Step by step

Solved in 6 steps

Blurred answer
Knowledge Booster
Unemployment Taxes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education