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Carson Holiday has a federal tax levy of $4,014.50 against him. If Holiday is single with...

Carson Holiday has a federal tax levy of $4,014.50 against him. If Holiday is single with three personal exemptions and had a take-home pay of $1,240.00 this week, how much would his employer take from his pay to satisfy part of the tax levy? Round intermediate calculations and your final answer to the nearest cent.

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Answer #1

Federal tax is a kind of tax which is paid on the income earned during the year,if there is any exemption or deduction it will be deducted from the income and tax is calculated on that income.

Answer and Explanation:

Calculate federal tax levy
Standard deduction $12,400.00
ADD: Personal expemption(3950*3) $11,850.00
Weekly deduction $24,250.00
Number of weeks 52
Weekly deduction $466.35
Take home amount $1,240.00
Weekly deduction $466.35
Federal tax levy $773.65
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