
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question

Transcribed Image Text:Ryan makes $932 gross income per week and keeps $716 of it after tax withholding. How many allowances has Ryan claimed?
| Weekly Gross Income | And the number of withholding allowances claimed is |
|---------------------|-----------------------------------------------------|
| At least | But less than | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| 900 | 910 | 240 | 222 | 205 | 187 | 170 | 159 | 148 | 137 | 126 |
| 910 | 920 | 244 | 226 | 209 | 191 | 174 | 162 | 151 | 140 | 129 |
| 920 | 930 | 247 | 230 | 212 | 195 | 177 | 165 | 154 | 143 | 132 |
| 930 | 940 | 251 | 234 | 216 | 199 | 181 | 167 | 156 | 145 | 134 |
| 940 | 950 | 255 | 238 | 220 | 203 | 185 | 170 | 159 | 148 | 137 |
| 950 | 960 | 259 | 242 | 224 | 207 | 189 | 173 | 162 | 151 | 140 |
| 960 | 970 | 263 | 245 | 228 | 210 | 193 | 176 | 165 | 154 | 143 |
- One
- Two
- Three
- Four
*Explanation:*
The table provided shows the amount of money left after tax withholding based on the gross income range and the number of withholding allowances claimed. For Ryan, who makes $932 gross income per week and keeps $716, we need to find the row for income between $930 and $940. We then look across the table in that row to find where the value $716 falls under the "And the number of withholding allowances claimed is" section.
By comparing $716 to the values in the row, we can deduce the number of allowances Ryan has claimed.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 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…arrow_forwardAssuming the following information, what is the upper limit George and Sarah could pay on monthly consumer debt payments? Note: Some items may not be factors in determining take-home pay. George and Sarah's gross salary is $5,790 per month 4.5% is deducted from their salary and put in a 401K retirement savings account 12% is deducted for federal income tax 6.2% is deducted for Social Security 1.4% is deducted for federal Medicare tax 5% is deducted for state income tax withholding George and Sarah also pay 11% of their gross income to their Church.arrow_forwardAhmed is self-employed. He has a revenue of $170,000. His expenses for the year is $50,000. The following are the prevailing Income Tax slabs: Up to $9,525 10% $9,525 – $38,700 12% $38,700 – $82,500 22% $82,500 – $157,500 24% $157,500 – $200,000 32% $200,000 – $500,000 35% Above $500,000 37% If he received $12,000 in tax deduction, what is his taxable income for the year? How much did he pay in federal income tax?arrow_forward
- 9. Joe is married and claims three allowances. The gross earnings on his last biweekly check were $1,895. Find Joe's federal withholding taxes for this pay period. 10. Diana's gross earnings for last week were $589. She is single and claims two allowances. Find the deductions for her federal withholding taxes for this pay period. 11. Walter's gross earnings were $4,596 on his last monthly check. He is single and claims one allowance. Find his federal withholding taxes for this pay period.arrow_forwardSolve 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 $arrow_forward15-16) Larry Calanan has earnings of $518 in a week. He is single and claims 2 withholding allowances. His deductions include FICA, Medicare, federal withholding, state disability insurance, state withholding, union dues of $15, and charitable contributions of $21. 15) Find the tax amounts FICA=? Select the correct total tax amount. $101.35 $114.35 $395.96 Medicare=? federal withholding=? SDI=? state withholding=? $38.93arrow_forward
- 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$arrow_forwardA Note: Enter ALL values as positive numbers and assume that Standard Withholding is used. Or F Michael Jordan is married (filing jointly) and earns $1,421 weekly. ga G Employee: Jordan, Michael de in Weekly Earnings $1,421.00 W Ai Federal Income Tax Withholding: Hope Solo is single and has biweekly wages of $1,165. Employee: Solo, Hope Biweekly Earnings $1,165.00 Federal Income Tax Withholding:arrow_forwardOnly typed solutionarrow_forward
- Baker Green's weekly gross earnings for the week ending December 7 were $2,000, and her federal income tax withholding was $240. Assuming the social security rate is 6% and Medicare is 1.5%, and all earnings are subject to FICA taxes, what is Green's net pay? Round your answer to the nearest whole dollar.arrow_forwardCould really use some help with thisarrow_forwardCan you answer each problemarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education


Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,

Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON

Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education