Thomas Fortuna (married; 4 federal withholding allowances) earned weekly gross pay of $745. For each period, he makes a 401(k) retirement plan contribution of 10% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $ 2:Barbara Houlihan (single; 1 federal withholding allowance) earned daily gross pay of $320. For each period, she makes a 401(k) contribution of 12% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $   3:Marcus Xavier (married; 5 federal withholding allowances) earned monthly gross pay of $3,650. He participates in a flexible spending account, to which he contributes $200 during the period. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Thomas Fortuna (married; 4 federal withholding allowances) earned weekly gross pay of $745. For each period, he makes a 401(k) retirement plan contribution of 10% of gross pay.

Using wage-bracket method: Federal income tax withholding = $

Using percentage method: Federal income tax withholding =

$ 2:Barbara Houlihan (single; 1 federal withholding allowance) earned daily gross pay of $320. For each period, she makes a 401(k) contribution of 12% of gross pay.

Using wage-bracket method: Federal income tax withholding = $

Using percentage method: Federal income tax withholding = $

 

3:Marcus Xavier (married; 5 federal withholding allowances) earned monthly gross pay of $3,650. He participates in a flexible spending account, to which he contributes $200 during the period.

Using wage-bracket method: Federal income tax withholding = $

Using percentage method: Federal income tax withholding = $

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