Grace Kelley earns $2,000 per week. She is married and claims 2 exemptions. What is Grace’s income tax? Use the percentage method. (Use Table 9.1 and Table 9.2.) (Round your final answer to the nearest cent.)   One Withholding

Example 4-2 To compute the tax using the percentage method, follow the steps illustrated below. Step 1     Determine the amount of gross wages earned, marital status, number of allowances, and frequency of pay. Note: If the wage ends in a fractional dollar amount, the wage may be rounded to the nearest dollar. However, in this text, exact wages are used. ➡ Wilson Goodman, single, claims two allowances and earns $915.60 semimonthly.   Step 2     Multiply the number of allowances claimed by the amount of one allowance for the appropriate payroll period, as shown in the Table of Allowance Values in Figure 4.6. ➡ Table of Allowance Values for semimonthly payroll period shows $175.00.     Multiply $175.00 × 2 = $350.00   Step 3     Subtract the amount for the number of allowances claimed from the employee’s gross pay to find the excess of wages over allowances claimed. ➡ Gross pay $915.60 Less: Allowances 350.00 Excess wages $565.60   Step 4…

Jacob Turner hired Jen Hatcher as a housekeeper starting on January 2 at $831 monthly. Jacob does not withhold any federal taxes. Assume that Jen is not a housekeeper for anyone else. Assume that Jacob paid $2,493 in wages for the fourth quarter of 2020.   Required: How much in social security tax should Jacob pay? (Round your final answer to 2 decimal places.) How much Medicare tax should Jacob pay? (Round your final answer to 2 decimal places.) How much FUTA tax should Jacob pay?

Paulina Robinson (single; 2 federal withholding allowances) earned biweekly gross pay of $1,265. She contributes $75 to a flexible spending account during the period. What is their federal income tax withholding? Please do fast i want answer in 60 minutes

Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Kristy Dunaway has biweekly gross earnings of $1,850. What are her total Social Security and Medicare tax withholdings (in $) for a whole year?Social Security $ Medicare $

Please Solve In 15mins I will Thumbs-up

Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Kristy Dunaway has biweekly gross earnings of $1,550. What are her total Social Security and Medicare tax withholdings (in $) for a whole year? Social Security$ Medicare$

Baker Green's weekly gross earnings for the week ending December 7 were $1,800, and her federal income tax withholding was $216. Prior to this week Green had earned $98,000 for the year. Assuming the social security rate is 6.0% and Medicare is 1.5%, what is Green's net pay? Round your answer to the nearest whole dollar.$___________

Use the following information Molly has collect to help her determine her taxable income for the year: Salary from her job 115,100 Interest earn from 1,280 savings Interest paid on student loans Your Answer: Answer 905 Standard deduction 12,950 Itemized deductions 842 Child tax credit 2000

Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is  612%612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) Penalty Pay   b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.) Total Amount