Problem 9-3 Withholding Methods (LO 9.1) Sophie is a single taxpayer. For the first payroll period...
Problem 9-3
Withholding Methods (LO 9.1)
Sophie is a single taxpayer. For the first payroll period in July 2018, she is paid wages of $3,900 monthly. Sophie claims one allowance on her Form W-4.
Click here to access the withholding tables.
Table for Allowances Amount per Circular E.
| Payperiod | 2018 Allowance Amount | |
| Weekly | $ 79.80 | |
| Biweekly | 159.60 | |
| Semimonthly | 172.90 | |
| Monthly | 345.80 | |
| Quarterly | 1,037.50 | |
| Semiannually | 2,075.00 | |
| Annually | 4,150.00 | |
Round intermediate computations and your final answer to two decimal places.
a. Use the percentage method to calculate the amount of Sophie's withholding for a monthly pay period.
Sophie's withholding: $
b. Use the wage bracket method to determine the
amount of Sophie's withholding for the same period.
$
Homework Answers
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Problem 9-3
Withholding Methods (LO 9.1)
Sophie is a single taxpayer. For the first payroll period...
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c. If she is paid biweekly, what is her withholding per
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d. If she is paid semimonthly, what is her withholding per
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Lisa earns $47,840 per year. She is married and claims three
allowances. Assume that her employer uses WAGE BRACKET TABLES
METHOD. Use withholding allowance, WAGE BRACKET TABLE and IRS
Publication 15.
a. If she is paid weekly, what is her withholding per
paycheck?
b. If she is paid monthly, what is her withholding per
paycheck?
c. If she is paid biweekly, what is her withholding per
paycheck?
d. If she is paid semimonthly, what is her withholding per
paycheck?
(I...
Drill Problem 9-18 (Static) (LU 9-2 (1)] Assume a tax rate of 6.2% on $128.400 for Social Security and 145% for Medicare. No one will reach the maximum for FICA Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 91 and Table 9.2) (Do not round Intermediate calculations. Round your final answers to the nearest cent.) FICA Employee Marital status Allowances claimed Gross pay FIT Med. Net pay Pat Brown 4...
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Lisa earns $59,280 per year. She is married and claims three
allowances. Assume that her employer uses wage bracket tables
method. Use withholding
allowance, wage bracket
table and IRS Publication
15.
RM a cia S unee dilowances. ASSume that her emplover uses wage bracket tables method. Use withholding allowance, wage bracket table and IRS Publication 15 a. If she is paid weekly, what is her withholding per paycheck? b. If she is paid monthly, what is her withholding per paycheck?...
Martin is married and claims four exemptions on his W-4. What is his federal income tax withholding under the following condition Assume that his employer uses the percentage method of withholding. Use withholding allowance and percentage method table d. Martin is paid semimonthly, and his gross pay is $2,600 per paycheck. b. Martin is paid monthly, and his gross pay is $4,900 per paycheck. c. Martin is paid weekly, and his gross pay is $3,100 per paycheck. (For all requirements,...
Using 2016 Withholding rates.
4-2A LO 3 See page 4-15 withhold from the wages or salaries of each employee Use the percentage method to compute the federal income taxes to No. of Withholding Allowances Employee Amount to Be Withheld Employee Marital Gross Wage or Salary No. Name Status Amoroso, A Finley, R. Gluck, E Quinn, S. Treave, Y $1,610 weekly 825 biweekly 9,630 quarterly 925 semimonthly 2,875 monthly 4 2 0 3 5 4 8 3 SHOW ME HOW 4-3A...
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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 $14.70 per hour. She completed her W-4
stating that she is married with a child and claims an allowance of
3. Her company will pay her biweekly for 80 hours (assume a tax
rate of 6.2% on $128,400 for Social Security and 1.45% for
Medicare). Calculate her take-home pay for her first check. (Use...
Percentage Method Tables for Income Tax Withholding TABLE 1-WEEKLY Payroll Period $0 (a) SINGLE person (including head of household)- (b) MARRIED person- If the amount of wages If the amount of wages (after subtracting The amount of income tax (after subtracting The amount of income tax withholding allowances) is: to withhold is: withholding allowances) is: to withhold is: Not over $44......... $0 Not over $165 ......... Over But not over- of excess over-Over- But not over- of excess over- $44...
EXHIBIT 2 Table for Percentage Method of Withholding WEEKLY Payroll Period Wage Bracket Withholding Table (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax IS: Not over $43 Over- But not over- to withhold is: of excess over_ $43 $222 $767 $1,796 $3,700 $7,992 $8,025 $43 $222 . . $0.00 plus 10% -$767 . . $17.90 plus 15% $222 $767-$1,796 . . $99.65 plus 25% McGrath wage bracket...
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