Using the following graduated income tax rates, find the tax withheld per pay period. State Tax Rate 2.75% 3.25% 5.00% Annual Income Earned First $10,000 Next $15,000 Over $25,000 1. Annual salary: $38,550; personal exemptions: $4,400; paid biweekly. 2. Annual salary: $47,425; personal exemptions: $3,000; paid weekly. 3. Annual salary: $29,149; personal exemptions: $2,200; paid monthly. 4. Annual salary: $24,872; personal exemptions: $1,500; paid semimonthly. 5. Standardized Test Practice Mitchell Gomez is an auto mechanic. His annual gross s is $35,500. He is married with 1 dependent, allowing him $3,700 in yearly personal exemptions. If his state income tax is based on the following graduated rate, how mu is withheld from his semimonthly paycheck? State Tax Rate 3.25% 3.60% 4.90% Annual Income Earned First $15,000 Next $15,000 Over $30,000 A. $46.49 B. $54.04 C. $92.98 D. $1,115.70

Using the following graduated income tax rates, find the tax withheld per pay period. State Tax Rate 2.75% 3.25% 5.00% Annual Income Earned First $10,000 Next $15,000 Over $25,000 1. Annual salary: $38,550; personal exemptions: $4,400; paid biweekly. 2. Annual salary: $47,425; personal exemptions: $3,000; paid weekly. 3. Annual salary: $29,149; personal exemptions: $2,200; paid monthly. 4. Annual salary: $24,872; personal exemptions: $1,500; paid semimonthly. 5. Standardized Test Practice Mitchell Gomez is an auto mechanic. His annual gross s is $35,500. He is married with 1 dependent, allowing him $3,700 in yearly personal exemptions. If his state income tax is based on the following graduated rate, how mu is withheld from his semimonthly paycheck? State Tax Rate 3.25% 3.60% 4.90% Annual Income Earned First $15,000 Next $15,000 Over $30,000 A. $46.49 B. $54.04 C. $92.98 D. $1,115.70

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter2: The Domestic And International Financial Marketplace

Section2.A: Taxes

Problem 3P

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Question

$695.00 ÷ 26 = $26.73 tax per pay period
Practice
Using the following graduated income tax rates, find the tax withheld per pay period.
State Tax Rate
2.75%
3.25%
5.00%
Annual Income Earned
First $10,000
Next $15,000
Over $25,000
1. Annual salary: $38,550; personal exemptions: $4,400; paid biweekly.
2. Annual salary: $47,425; personal exemptions: $3,000; paid weekly.
3. Annual salary: $29,149; personal exemptions: $2,200; paid monthly.
4. Annual salary: $24,872; personal exemptions: $1,500; paid semimonthly.
5. Standardized Test Practice Mitchell Gomez is an auto mechanic. His annual gross salary
is $35,500. He is married with 1 dependent, allowing him $3,700 in yearly personal
exemptions. If his state income tax is based on the following graduated rate, how much
is withheld from his semimonthly paycheck?
State Tax Rate
3.25%
3.60%
4.90%
A. $46.49 B. $54.04
Annual Income Earned
First $15,000
Next $15,000
Over $30,000
C. $92.98 D. $1,115.70
Copyright by The McGraw-Hill Companies, Inc. All rights reserved.
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