A married individual who is paid on a monthly basis, claims 5 federal withholding allowances, and...
A married individual who is paid on a monthly basis, claims 5 federal withholding allowances, and earns $4,892 has $______ in federal income tax withholding when using the wage-bracket method.
(what is the amount of federal income tax withholding)
Homework Answers
Monthly Wages = 4892
Since the wage amount is greater than 3593, hence wage bracket table will not be used.
We will use the percentage method to find the Federal Income Tax.
Monthly Wage = 4892
One Withholding Allowance for Monthly payroll = 350
Number of withholding allowance claim = 5
Total Withholding Allowance = 5*350 = 1750
Taxable Wages = 4892 - 1750 = 3142
From Table -
Federal Tax = 161.70 + (3142-2600)*12%
Federal Tax = 161.70 + 65.04
Federal Tax = $ 226.74
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