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Henry, who earned $114180 during 2018, is paid on a monthly basis, is married, and claims four allowances. Assume that his em
Lisa earns $63,440 per year. She is married and claims three allowances. Assume that her employer uses wage bracket tables me
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Answer #1

Ans: Earnings during 2018 = $114,180

Monthly earnings= $114,180/12

=$ 9,515

given, married and claiming four allowances:

For one withholding allowances amount (2018)= $345.80

and since claiming four allowances= $345.80*4

= $ 1383.20

Monthly earnings net of withholding allowances= $9515-1383.20

= $ 8131.80

Using 2018 table the net amount $8,131 falls in

$7,413- $ 14,713 = $742.26+22% (excess over 7413.to $8,131.80)

= $742.26+ 22% ( 718.80)

= $742.26+143.76

=$ 886.02

Therefore Henry federal tax withholding for each period is $886.02

B). Henry FICA withholding for each pay period= $9515*7.65%

= $ 727.89

According to HOMEWORKLIB RULES both questions are independent each other and therefore one question is answered

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