Amounts to Be Reported on Wage and Tax Statements (Form W-2)                             Gross   Federal Income   Social Security   Medicare     Employee   Earnings   Tax Withheld   Tax Withheld   Tax Withheld                           Arnett    $    8,250.00    $   1,416.00    $     495.00    $     123.75     Cruz        57,600.00        9,996.00        3,456.00           864.00     Edwards        24,000.00        4,776.00        1,440.00           360.00

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PSb 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a 2020 Form W-4. Refer to Appendix A, 2020 Federal Tax Tables in your textbook. Publication 15-T (2020) 1: Julia Jacobsen files as single on her tax return and earned weekly gross pay of 500. For each pay period she makes a 401(k) contribution of 2% of gross pay. Julia checked box 2c on Form W-4, entered $40 on line 4c of the form, and did not enter any information in step 3 of the form. Federal income tax withholding = | 2: Alejandro Wright files as single on his tax return and earned weekly gross pay of 1300. He does not make any retirement plan contributions. Alejandro entered 500 in step 3 of the form and did not enter any information in steps 2 & 4 of the form. Federal income tax withholding = $ Tentative Federal Income Tax Withholding = $ 3: Beatrice Nen files…

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Problem Information Use the following tax rates, celling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 Self-employed HI: 2.9% No limit No maximum "Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-haif to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourty wage of $7.25 in solving these problems and all that follow. Jax Company's (a monthly depositor) tax lability (amount withheld from…

Duela Dent is single and had $182,400 in taxable income. Using the rates from Table 2.3, calculate her income taxes. What is the average tax rate? What is the marginal tax rate? Note: Do not round intermediate calculations and round your income tax answer to 2 decimal places, e.g., 32.16. Enter the average and marginal tax rate answers as a percent, rounded 2 decimal places, e.g., 32.16. Income taxes Average tax rate Marginal tax rate % %

Example 4-9 From the above example, if you indicate separately on Robinson’s paycheck stub the amount of each payment, the amount of federal income tax to be withheld is computed as follows:       Taxes Withheld   Regular monthly earnings $2,400   $ 37.00   (from wage-bracket tax tables*) Quarterly bonus 4,600   1,012.00   ($4,600 × 22%) Totals $7,000   $ 1,049.00     The calculation of Robinson’s federal income tax for the quarter would be computed as follows:       Taxes Withheld   Regular monthly earnings $2,400   $37.00 × 3 months = $ 111.00 (from wage-bracket tables*) Quarterly bonus 4,600     1,012.00 ($4,600 × 22%)         $1,123.00   *The percentage table could also be used. Note: OASDI and HI withholdings are calculated on total earnings per pay period multiplied by number of pay periods and then added together to arrive at a quarter’s total withholding. Quarterly and year-to-date information would appear on Robinson’s employee earnings record. The…

Psa 3-3 Calculate Federal Income Tax Withholding Using the Wage-Bracket Method (Pre-2020 Form W-4) For each employee listed, use the wage-bracket method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to Publication 15-T NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1 Sam Colendge (married, 4 federal withholding allowances) earned weekly gross pay of $565 00 Federal income tax withholding-S 2. Michael Kolk (single: 2 federal withholding allowances) earned biweekly gross pay of $975 He participates in a flexible spending account, to which he contributes $100 during the period Federal income tax withholding-5 3: Anita McLachlan (single. O federal withholding allowances) earned monthly gross pay of $2,440 For each period, she makes a 401(k) contribution of 9% of gross pay Federal income tax withholding $ 4 Stacey Williamson…

PSc 3-4 Calculate Federal Income Tax Withholding Using the Percentage Method (Pre-2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4.Refer to Publication 15-T. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Tony Daniels (Married; 4 federal withholding allowances) earned weekly gross pay of $790. Federal income tax withholding = $ 2: Mario Gonzales (married; 5 federal withholding allowances) earned biweekly gross pay of $2,010. He participates in a flexible spending account, to which he contributes $110 during the period. Federal income tax withholding = $ 3: Angela Brown (single; 3 federal withholding allowances) earned monthly gross pay of $5,085. For each period, she makes a 401(k) contribution of 13.5% of gross pay. Federal income tax withholding = $ 4: Linda…