A married individual who is paid on a monthly basis, claims 3 federal withholding allowances, completed the pre-2020 Form W-4, and earns $1,495 has $_________ in federal income tax withholding when using the wage-bracket method
A married individual who is paid on a monthly basis, claims 3 federal withholding allowances, completed the pre-2020 Form W-4, and earns $1,495 has $_________ in federal income tax withholding when using the wage-bracket method
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
A married individual who is paid on a monthly basis, claims 3 federal withholding allowances, completed the pre-2020 Form W-4, and earns $1,495 has $_________ in federal income tax withholding when using the wage-bracket method.
Expert Solution
Step 1
The wage bracket technique is the simplest because it calculates the precise number to withhold depending on the following basis:
1. An employee's taxable salary.
2. The number of allowances claimed by the individual.
3. The individual's marital status.
4. Lastly is the payroll period.
There are no computations involved in determining federal withholding tax.
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