FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when
the offer came through at $15.20 per hour. She completed her W-4 stating that she is married filing jointly. Her company will pay her
biweekly for 80 hours (assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare).
Calculate her take-home pay for her first check. (Use Table 9.1)
Note: Round your answer to the nearest cent.
Net pay
The
tentative
amount to
withhold is:
с
Married Filing Jointly
$ 0.00
$ 0.00
$76.60
$358.84
$1,134.78
$ 2,584.86
$3,680.22
$ 6,499.82
At least But less
than-
B
A
$0
$ 965
$ 965 $ 1,731
$1,731 $4,083
$4,083 $7,610
$7,610 $ 13,652
$ 13,652 $ 17,075
$17,075 $ 25,131
$ 25,131
Plus this
percentage
D
0%
10%
12%
22%
24%
32%
35%
37%
of the
amount
that the
Adjusted
Wage
exceeds-
E
-
Table 9.1
A
At least But less
than-
TABLE 2-BIWEEKLY Payroll Period
$0
$0
$483
$ 965
$ 1,731 $ 865
$4,083 $2,041
$7,610 $3,805
$ 13,652 $6,826
$17,075 $8,538
$25,131 $ 20,621
The
tentative Plus this
amount to percentage
withhold is:
B
C
D
Single or Married Filing Separately
$ 483
$ 0.00
$ 865
$ 2,041
$3,805
$ 6,826
$8,538
$ 20,621
$ 0.00
$38.20
$179.32
$ 567.40
$ 1,292.44
$1,840.28
$6,069.33
of the
amount
that the
Adjusted
Wage
exceeds-
E
At least But less
than-
B
-
A
The
tentative Plus this
amount to percentage
withhold is: -
с
Head of Household
$0.00
$ 0.00
$ 54.60
$239.28
$511.20
$ 1,236.24
$ 1,784.08
$6,013.83
0%
$0 $0 $723
10%
$483 $723 $1,269
12%
$ 865 $1,269 $ 2,808
22% $2,041 $2,808 $4,044
24% $ 3,805 $4,044 $7,065
32% $6,826 $7,065 $8,777
35% $8,538 $8,777 $ 20,862
37% $ 20,621 $ 20,862
Ꭰ
0%
10%
12%
22%
24%
32%
35%
37%
of the
amount
that the
Adjusted
Wage
exceeds
-
E
$0
$723
$ 1,269
$ 2,808
$4,044
$7,065
$8,777
$ 20,862
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