Carter Manning has a weekly adjusted gross income of $996, is single, and claims one withholding allowance. Find the federal tax withholding to be deducted from hisweekly paycheck using the percentage method tables.Click the icon to view the IRS Table for Figuring Withholding Allowance According to the Percentage Method.Click the icon to view the Table for Percentage Method of Withholding - Weekly Payroll Period.The federal tax withholding to be deducted from his salary is $.(Round to the nearest cent as needed.) 2016 IRS Table for Figuring Withholding AllowanceAccording to the Percentage MethodPayroll PeriodOne WithholdingAllowanceWeeklyBiweeklySemimonthlyMonthlyQuarterlySemiannuallyAnnuallyDaily or miscellaneous (each day ofthe payroll period)$43$222$767Table for Percentage Method of WithholdingWEEKLY Payroll Period(For Wages Paid in 2012)Single person (including head of household)If the amount of wages (after The amount of income tax to withholdsubtracting withholdingis:allowances) is:Not over $43Over-$1,796$3,700$7,992$8,025But not over-$77.90155.80168.80337.50SO1,012.502.025.004.050.0015.60$222 $0.00 plus 10%-$767 $17.90 plus 15%-$1,796 $99.65 plus 25%-$3.700 $356.90 plus 28%-$7,992 $890.02 plus 33%-$8,025 $2,306.38 plus 35%$2.317.93 plus 39.6%of excess over--$43-$222$767$1,796$3,700$7.992-$8.025

Answered: weekly paycheck using the percentage…

weekly paycheck using the percentage method tables. Click the icon to view the IRS Table for Figuring Withholding Allowance Click the icon to view the Table for Percentage Method of Withholding

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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Question

Carter Manning has a weekly adjusted gross income of $996, is single, and claims one withholding allowance. Find the federal tax withholding to be deducted from his
weekly paycheck using the percentage method tables.
Click the icon to view the IRS Table for Figuring Withholding Allowance According to the Percentage Method.
Click the icon to view the Table for Percentage Method of Withholding - Weekly Payroll Period.
The federal tax withholding to be deducted from his salary is $.
(Round to the nearest cent as needed.)

2016 IRS Table for Figuring Withholding Allowance
According to the Percentage Method
Payroll Period
One Withholding
Allowance
Weekly
Biweekly
Semimonthly
Monthly
Quarterly
Semiannually
Annually
Daily or miscellaneous (each day of
the payroll period)
$43
$222
$767
Table for Percentage Method of Withholding
WEEKLY Payroll Period
(For Wages Paid in 2012)
Single person (including head of household)
If the amount of wages (after The amount of income tax to withhold
subtracting withholding
is:
allowances) is:
Not over $43
Over-
$1,796
$3,700
$7,992
$8,025
But not over-
$77.90
155.80
168.80
337.50
SO
1,012.50
2.025.00
4.050.00
15.60
$222 $0.00 plus 10%
-$767 $17.90 plus 15%
-$1,796 $99.65 plus 25%
-$3.700 $356.90 plus 28%
-$7,992 $890.02 plus 33%
-$8,025 $2,306.38 plus 35%
$2.317.93 plus 39.6%
of excess over-
-$43
-$222
$767
$1,796
$3,700
$7.992
-$8.025

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