Joe is paid $2,250 per week. Using the percentage method, what is the amount of federal income tax withheld from Joe's paycheck under the following situations? (Round your answer to 2 decimal places.) a. Joe is single and claims zero (0) withholding allowances. b. Joe is married and claims two withholding allowances. c. Joe is single and claims two withholding allowances.
What will be an ideal response?
a. $413.16
b. $254.83
c. $374.86
a. $2,250.00 ? $1,658.00 = 592.00 × 24% = $142.08 + $271.08 = $413.16.
b. $2,250.00 ? $159.60 = $2,090.40 ? $1,711.00 = $379.40 × 22% = $83.47 + $171.36 = $254.83
c. $2,250.00 ? $159.60 = $2,090.40 ? $1,658.00 = $432.40 × 24% = $103.78 + $271.08 = $374.86
You might also like to view...
According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security taxand $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000 . Also, $15,000 wassubject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record accrued payroll taxeswould include a
a. debit to SUTA Payable of $630 b. debit to SUTA Payable of $18,900 c. credit to SUTA Payable of $630 d. credit to SUTA Payable of $18,900
A bond issue price is the present value of the cash flows that the bond will produce
a. True b. False Indicate whether the statement is true or false
When Amy is in a room full of strangers she becomes energized to interact with them. Which of the following personality traits does Amy portray?
A. Locus of control B. Extraversion C. Machiavellianism D. Authoritarianism E. Conscientiousness
Robichau Inc. reported the following results from last year's operations: Sales$6,300,000Variable expenses 4,930,000Contribution margin 1,370,000Fixed expenses 803,000Net operating income$567,000Average operating assets$3,000,000?At the beginning of this year, the company has a $900,000 investment opportunity with the following characteristics: Sales$1,530,000 Contribution margin ratio 30% of salesFixed expenses$306,000 ?The company's minimum required rate of return is 20%.?The ROI for this year's investment opportunity considered alone is closest to:
A. 50.0% B. 10.0% C. 51.0% D. 17.0%