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The invoice date for a bill is July 27 with the terms 4/10 EOM. The amount due on the invoice is $323.80. If the bill was paid on September 9, determine the amount due. A.$323.80   B.$291.42   C.$310.85   D.$336.70

The invoice date for a bill is July 27 with the terms 4/10 EOM. The amount due on the invoice is $323.80. If the bill was paid on September 9, determine the amount due. A.$323.80   B.$291.42   C.$310.85   D.$336.70

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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The invoice date for a bill is July 27 with the terms 4/10 EOM. The amount due on the invoice is $323.80. If the bill was paid on September 9, determine the amount due.

A.$323.80
 
B.$291.42
 
C.$310.85
 
D.$336.70
... . Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2012) TABLE 1-WEEKLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax is: Not over $41 Over- $41 $209 $721 $1,688 $3.477 $7,510. (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not ovor $150 Över- $156 $490 $1,615 $2,900 $4,338 $7,624. The armount of income tax to withhold is: to withhold is: .SO .-. But not over- -%24209 . . .$0.00 plus 10% $721 . ..$16.80 plus 16% $1,688 $3,477. . $335.35 plus 289% $7,510 of excess over- -$41 -$209 -2721 $1,688 $3,477 -$7,510 But not over- $490 21,515 . . %$42,900 $4,338 -$7,624 .$0.00 plus 10% .$33.40 plus 15% $187.15 plus 25% $533.40 plus 28% $936.04 plus 33% $2,020.42 plus 35% of excess over- -$156 -$490 -$1,515 $2,900 $4,338 -$7,624 $93.60 plus 25% $836.27 plus 33% $2,167.16 plus 35% TABLE 2-BIWEEKLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of Income tax (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $312.. Over- $312 $981 $3,031 $5,800 $8.675 $15,248 The amount of income tax to withhold is: Is: to withhold is: $0 Not over $83 Over- $83 $417 $1,442 $3,377 $6,954 $15,019 .. SO But not over -%2417 -$1,442.. . .$33.40 plus 15% $3,377. . $6,954 $15,019 of excess over- -%2483 $417 -$1,442 $3,377 -%246,954 $15,019 But not over- -$981 -$3,031 $5,800 .. . .$374.40 plus 25% $8,675. . .$1,066.65 plus 28% -%2415.248 of oxcess over- -$312 -$981 $3,031 -$5,800 -$8,675 -$15,248 $0.00 plus 10% .$0.00 plus 10% $66.90 plus 15% . $187.15 plus 25% $670.90 plus 28% $1,672.46 plus 33% $4,333.91 plus 35% $1,871.65 plus 33% $4,040.74 plus 35% TABLE 3-SEMIMONTHLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax is: Not over $90 Over- $90 $452 $1.563 $3,658 $7,533 $16.271 (b) MARRIED person- Ir the amount of wages (after subtracting withholaing allowances) is: Not over $338 Over- $338 $1,063 $3,283 $6,283 $9,398 $16,519. The amount of Income tax to withhold is: $0 to withhold is: .. $0 But not over- -S452.. $1,563 $3,658 -$7,533 -$16.271 of excess over- But not over- $0.00 plus 10% $36.20 plus 15% . $202.85 plus 25% . $726.60 plus 28% .$1,811.60 plus 33% $4,695.14 plus 35% of excess over- -$338 $1,063 -$3.283 $6.283 $9,398 -$16,519 -$1,063 -$43,263 .$0.00 plus 10% $72.50 plus 15% -$6,283 . .$405.50 plus 25% -%$49,398 .. . .$1,155.50 plus 28% $2,027.70 plus 33% .$4,377.63 plus 35% ... $452 $1,563 $3,658 $7,533 -2416,271 -$16,519 TABLE 4-MONTHLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax is: Not over $179 (b) MARRIED person If the amount of wages (after subtracting withholding allowances) is: Not over $675 Over- $675 $2,125 $6,667 $12,567 $18,796 $33,038 to withhold is: SO The amount of income tax to withhold is: over $179 $904 $3,125 $7,317 $15,067 $32,542 But not over- -$904 -$43,125 $7.317 . $15,067 -%$32.542 $0.00 plus 10% $72.50 plus 15% $405.65 plus 25% $1,453.65 plus 28% $3.623.65 plus 33% $9,390.40 plus 35% of excess over- $179 $904 $3,125 $7,317 $15,067 -S32,542 But not over $2.125 $6,567 $12.567 $18,796 $33.038 $0.00 plus 10% $145.00 plus 15% $811.30 plus 25% $2,311.30 plus 28% $4.055.42 plus 33% $8,755.28 plus 95% of excess over- $675 -%242,125 -$46,567 $12,587 $18,796 $33,038 Payroll Period One Withholding Allowance Weekly. Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of the payroll perlod) $73.08 146.15 158.33 316.67 950.00 1,900.00 3,800.00 14.62
Transcribed Image Text:... . Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2012) TABLE 1-WEEKLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax is: Not over $41 Over- $41 $209 $721 $1,688 $3.477 $7,510. (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not ovor $150 Över- $156 $490 $1,615 $2,900 $4,338 $7,624. The armount of income tax to withhold is: to withhold is: .SO .-. But not over- -%24209 . . .$0.00 plus 10% $721 . ..$16.80 plus 16% $1,688 $3,477. . $335.35 plus 289% $7,510 of excess over- -$41 -$209 -2721 $1,688 $3,477 -$7,510 But not over- $490 21,515 . . %$42,900 $4,338 -$7,624 .$0.00 plus 10% .$33.40 plus 15% $187.15 plus 25% $533.40 plus 28% $936.04 plus 33% $2,020.42 plus 35% of excess over- -$156 -$490 -$1,515 $2,900 $4,338 -$7,624 $93.60 plus 25% $836.27 plus 33% $2,167.16 plus 35% TABLE 2-BIWEEKLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of Income tax (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $312.. Over- $312 $981 $3,031 $5,800 $8.675 $15,248 The amount of income tax to withhold is: Is: to withhold is: $0 Not over $83 Over- $83 $417 $1,442 $3,377 $6,954 $15,019 .. SO But not over -%2417 -$1,442.. . .$33.40 plus 15% $3,377. . $6,954 $15,019 of excess over- -%2483 $417 -$1,442 $3,377 -%246,954 $15,019 But not over- -$981 -$3,031 $5,800 .. . .$374.40 plus 25% $8,675. . .$1,066.65 plus 28% -%2415.248 of oxcess over- -$312 -$981 $3,031 -$5,800 -$8,675 -$15,248 $0.00 plus 10% .$0.00 plus 10% $66.90 plus 15% . $187.15 plus 25% $670.90 plus 28% $1,672.46 plus 33% $4,333.91 plus 35% $1,871.65 plus 33% $4,040.74 plus 35% TABLE 3-SEMIMONTHLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax is: Not over $90 Over- $90 $452 $1.563 $3,658 $7,533 $16.271 (b) MARRIED person- Ir the amount of wages (after subtracting withholaing allowances) is: Not over $338 Over- $338 $1,063 $3,283 $6,283 $9,398 $16,519. The amount of Income tax to withhold is: $0 to withhold is: .. $0 But not over- -S452.. $1,563 $3,658 -$7,533 -$16.271 of excess over- But not over- $0.00 plus 10% $36.20 plus 15% . $202.85 plus 25% . $726.60 plus 28% .$1,811.60 plus 33% $4,695.14 plus 35% of excess over- -$338 $1,063 -$3.283 $6.283 $9,398 -$16,519 -$1,063 -$43,263 .$0.00 plus 10% $72.50 plus 15% -$6,283 . .$405.50 plus 25% -%$49,398 .. . .$1,155.50 plus 28% $2,027.70 plus 33% .$4,377.63 plus 35% ... $452 $1,563 $3,658 $7,533 -2416,271 -$16,519 TABLE 4-MONTHLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax is: Not over $179 (b) MARRIED person If the amount of wages (after subtracting withholding allowances) is: Not over $675 Over- $675 $2,125 $6,667 $12,567 $18,796 $33,038 to withhold is: SO The amount of income tax to withhold is: over $179 $904 $3,125 $7,317 $15,067 $32,542 But not over- -$904 -$43,125 $7.317 . $15,067 -%$32.542 $0.00 plus 10% $72.50 plus 15% $405.65 plus 25% $1,453.65 plus 28% $3.623.65 plus 33% $9,390.40 plus 35% of excess over- $179 $904 $3,125 $7,317 $15,067 -S32,542 But not over $2.125 $6,567 $12.567 $18,796 $33.038 $0.00 plus 10% $145.00 plus 15% $811.30 plus 25% $2,311.30 plus 28% $4.055.42 plus 33% $8,755.28 plus 95% of excess over- $675 -%242,125 -$46,567 $12,587 $18,796 $33,038 Payroll Period One Withholding Allowance Weekly. Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of the payroll perlod) $73.08 146.15 158.33 316.67 950.00 1,900.00 3,800.00 14.62
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