@SProblem 5-6A (Algo)Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and ischecked for G. Fisher and J. Tillman.X*Required:Complete the W-4 multi-jobs worksheet (when applicable) Section 2(b), for all employees, each will use the standard deduction, andcalculate the federal income tax withholding using the wage-bracket tables in Appendix C. (Round your intermediate calculations andfinal answers to 2 decimal places.)EmployeeL. TorabiR. BeninatiG. FisherJ. TillmanF2#3EDFiling StatusSSMJMJJUL780F3$4DependentsNoneOne OtherThree <17Two <17RaF4F%5Annual Salary$$$$< Prev~ tv0F543,80053,30049,92043,160TG^6Spouse Annual Salary orPay FrequencyNot applicableNot applicable$83200/ biweekly$34000/weekly10 of 10cF6Y&7HSTF7UNext >8FederalIncome Tax per PeriodJDIIF8ACV B N MDD9F9K)O4OWF10L<Check my work*PF11{

Wage bracket method tells the exact amount of tax that is to be withholding during the period. The…

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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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Problem 5-6A (Algo) Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the federal income tax withholding using the wage-bracket tables with Forms W-4 from 2020 or later in Appendix C. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee L. Torabi R. Beninati G. Fisher J. Tillman Filing Status S S MJ MJ Dependents None One Other Three <17 Two <17 Annual Salary $ $ $ $ 42,500 51,500 48,000 39,650 Spouse Annual Salary and Pay Frequency Not applicable Not applicable $80,000 per biweekly $23,790 per weekly Federal Income Tax per Period
Problem 5-6A (Algo) Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the feder income tax withholding using the wage-bracket tables with Forms W-4 from 2020 or later in Appendix C. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee L. Torabi Filing Status Dependents Annual Salary Spouse Annual Salary and Pay Frequency Federal Income Tax per Period S None $ 46,100 Not applicable R. Beninati S One Other $ 55,100 Not applicable G. Fisher MJ Three <17 $ 52,000 $80,000 per biweekly 292.31 J. Tillman MJ Two <17 $ 36,350 $21,810 per weekly
Problem 5-6A (Algo) Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the federal income tax withholding using the wage-bracket tables with Forms W-4 from 2020 or later in Appendix C. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee L. Torabi Filing Status S Dependents None Annual Salary Spouse Annual Salary and Pay Frequency Federal Income Tax per Period $ 42,500 Not applicable R. Beninati S One Other $ 51,500 Not applicable G. Fisher MJ Three <17 $ 48,000 $80,000 per biweekly J. Tillman MJ Two <17 SA 39,650 $23,790 per weekly
N1. Account Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: Complete the W-4 multi-jobs worksheet (when applicable) Section 2(b), for all employees, each will use the standard deduction, and calculate the federal income tax withholding using the wage-bracket tables in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.)
Problem 5-3A (Algo) The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. You do not need to complete the number of hours. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.40 percent of taxable pay. No employee has exceeded the maximum FICA limit. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee S. Bergstrom C. Pare L. Van der Hooven S. Lightfoot Filing Status, Dependents MJ-0 MJ-2 (<17) S-1 (Other) MJ-0 $ Pay Union Dues per Period 1,750 3,600 $ 3,325 $ $ $ $ 2,950 Garnishment per Period 120 240 $ $ 50 75 100 Net Pay
Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: Complete the W-4 multi-jobs worksheet (when applicable) Section 2(b), for all employees, each will use the standard deduction, and calculate the federal income tax withholding using the wage-bracket tables in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.) Federal Spouse Annual Salary or Pay Frequency Employee Filing Status Dependents Annual Salary Income Tax per Period L. Torabi None $ 41,400 Not applicable R. Beninati S One Other 2$ 50,900 Not applicable G. Fisher MJ Three <17 $ 46,560 S77600/ biweekly J. Tillman MJ Two <17 $ 42,580 $30800/ weekly
Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: Complete the W-4 multi-jobs worksheet (when applicable) Section 2(b), for all employees, each will use the standard deduction, and calculate the federal income tax withholding using the wage-bracket tables in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.) Employee L. Torabi R. Beninati G. Fisher J. Tillman Filing Status S S MJ MJ Dependents None One Other Three <17 Two <17 Annual Salary $ $ $ $ 41.400 50,900 46,560 42,580 Spouse Annual Salary or Pay Frequency Not applicable Not applicable $77600/ biweekly $30800/weekly Federal Income Tax per Period
Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required:Complete the W-4 multi-jobs worksheet (when applicable) Section 2(b), for all employees, each will use the standard deduction, and calculate the federal income tax withholding using the wage-bracket tables in Appendix C. (Round your intermediate calculations and final answers to 2 decimal places.) Employee Filling Status Dependents Annual Salary Spouse Annual Salary or Pay Frequency Federal Income Tax per period Torabi S None $39,500 Not Applicable Benintati S One Other $48,500 Not Applicable Fisher MJ Three<17 $45,300 $75,600/biweekly Tillman MJ Two<17 $42000 $27,500/biweekly
Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the federal income tax withholding using the wage-bracket tables with Forms W-4 from 2020 or later in Appendix C Note: Round your intermediate calculations and final answers to 2 decimal places. Spouse Annual Salary Federal Income Employee L. Torabi Filing Status S Dependents None Annual Salary and Pay Frequency Tax per Period $ 47,900 Not applicable R. Beninati S One Other $ 56,900 Not applicable G. Fisher MJ Three <17 $ 28,000 $40,000 per biweekly J. Tillman MJ Two <17 $ 34,700 $20,820 per weekly
Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the federal income tax withholding using the wage-bracket tables with Forms W-4 from 2020 or later in Appendix C Note: Round your intermediate calculations and final answers to 2 decimal places. Employee L Torabit Filing Status S Dependents None Annual Salary Spouse Annual Salary and Pay Frequency Federal Income Tax per Period $ 50,900 Not applicable R. Beninat S One Other $ 59,900 Not applicable G. Fisher MJ Three <17 $ 21,000 $30,000 per biweekly J. Tillman MJ Two <17 $ 31,950 $19,170 per weekly
Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the federal income tax withholding using the wage-bracket tables with Forms W-4 from 2020 or later in Appendix C. Note: Round your intermediate calculations and final answers to 2 decimal places. Spouse Annual Salary and Pay Frequency Federal Income Tax per Period Employee L. Torabi Filing Status R. Beninati S S Dependents None Annual Salary S9 $ 50,300 Not applicable One Other $ SA 59,300 Not applicable G. Fisher MJ Three <17 $ 49,000 $70,000 per biweekly J. Tillman MJ Two <17 $ 32,500 $19,500 per weekly A
Problem 5-3A (Algo) The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimanthly. Some employees have union dues or gamishments deducted from their pay. You do not need to complete the number of hours. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. Note: Round your intermediate calculations and final answers to 2 decimal places. Employes S. Bergstrom C. Pare L. Van der Hoovent S. Lightfoot Filing Status. Dependents MJ-0 MJ-2 (17) S-1 (Other) MJ-O Union Duss per Period Pay $ 1,830 S 3,760 S $ 3,485 $ $ 3,110 120 240 Gamishment per Period $ $ S 50 75 100 Net Pay

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