(10) Carson Smart (married filing jointly) is paid $1,200 every two weeks plus a taxable lodging allowance of $100. He is a participant in the company 401(k) plan and has $150 deducted from his pay for his contribution to the plan. How much would be deducted from his pay for federal income tax (using the wage-bracket table)? 2020 Wage Bracket Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or LaterBIWEEKLY Payroll PeriodIf the Adjusted WageAmount (line 1h) isSingle or Married FilingSeparatelyMarried Filing JointlyHead of HouseholdForm W-4, Step2, CheckboxWithholdingStandardWithholdingForm W-4, Step2. CheckboxWithholdingForm W-4, Step2, CheckboxWithholdingStandardStandardAt leastBut less thanWithholdingWithholdingThe Tentative Withholding Amount is:$0$0$0$0so$0$0$0$0$0$0$0$0$0$0$3$15$16$380$390$390$400$4$0$0SO$400$410$5$17$18$410$420$6$7$420$430$0$19$0$0$0$1$2$430$0$0$0$0$0$8$9$0$0$0$445$0$20$445$460$0$0$0$22$460$475$1$24$490$12$25$27$475$1$490$505$14$14$2$505$520$0$0$0$0$0$15$17$18$20$4$4$29$0$0$0$5$7$8$10$5$7$8$31$33$520$535$535$550$550$565$34$565$580$21$10$36$23$0$0$0$0$0$38$40$42$43$580$595$1$1$595S610$0$13$24$13$14$16$17$26$27$29S610$625$0$14$625$640$16$640$655$0$17$45$0$0$0$19$20$22$23$25$655$670$19$31$47$20$2$23$25$670$685$33$49So$700$715$35$36$38$51$52$685$700$0$0$715S730So$0$1$54SO$26$28$29$31$32$2$4$5$7$8$26$28$29$56$58$60$730$745$760$775$790S805$40$745$42$760So$44$775$0$45$31$61$790S805So$0$47$32$63S805$820$10$65$34$35$37$38$40$49$34$35$37$38$40$820$865$1$51$67So$0$0So$53$54$56$69$70S865$850$13$850$865$14S865S880$16$72SO$17$74$76$78S880$895$42$58$42S895$910$43$19$60$43$0$0So$20$22$23$910$925$45$62$45$47$49$925$940$63$47$79$940$955$65$49$81$51$52$4$56$58$955$970$67$69$71$72$75$83$970$985$1,000$1.015$1,035$1$25$51$2$52$85$87$8$92$96$26$28$29$31$985$4$54$56$58$1.000$5$1,015$7$1,035$1,055$1,075$1.095$1,115$1,135$9$1,055$1,075$1,095$1,115$1.135$61$63$65$68$70$33$35$37$39$77$79$82$84$87$61$63$1$101$105$13$15$17$65$68$110$41$70$114$1,155$1,175$1,195$1,215$1,235$73$75$7$80$2$118$123$127$132$136$89$91$73$75$77$80$82$19$43$21$1,155$1,175$1,195$1,215$45$23$25$27$47$49$51$94$96$99 TABLE 2–BIWEEKLY Payroll Period2020 Percentage Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or LaterBIWEEKLY Payroll PeriodSTANDARD Withholding Rate Schedules(Use these if the box in Step 2 of Form W-4 is NOT checked)Form W-4, Step 2, Checkbox, Withholding Rate Schedules(Use these if the box in Step 2 of Form W-4 IS checked)If the Adjusted Wageof theof theIf the Adjusted WageAmount (line lh) is: The- tentativeamount that Amount (line lh) is: Thethe AdjustedWageamount thatthe AdjustedWagewithhold is: percentage- exceeds-tentativeBut less amount to Plus thisBut lessamount toPlus thisAt least- than-withhold is: percentage- exceeds-At least-than-AвDEAВDEMarried Filing JointlyMarried Filing JointlySO$954$0.000%$0$0$477$0.000%$0$954$1,713$0.0010%$954$477$857$0.0010%$477$1,713$4,040$75.9012%$1,713$857$2,020$38.0012%$857$4,040$7,533$355.1422%$4,040$2,020$3,766$177.5622%$2,020$7,533 $13,515$1,123.6024%$7,533$3,766$6,758$561.6824%$3,766$13,515 $16,904$2,559.2832%$13,515$6,758$8,452$1,279.7632%$6,758$16,904 $24,879$3,643.7635%$16,904$8,452 $12,439$1,821.8435%$8,452$24,879$6,435.0137%$24,879$12,439$3,217.2937%$12,439Single or Married Filing SeperatelySingle or Married Filing Seperately$238$0$477$0.000%$0$0$0.000%$0$477$857$0.0010%$477$238$428$0.0010%$238$857$2,020$38.0012%$857$428$1,010$19.0012%$428$2,020$3,766$177.5622%$2,020$1,010$1,883$88.8422%$1,010$3,766$6,758$561.6824%$3,766$1,883$3,379$280.9024%$1,883$6,758$8,452$1,279.7632%$6,758$3,379$4,226$639.9432%$3,379$8,452$20,415$1,821.8435%$8,452$4,226 $10,208$910.9835%$4,226$20,415$6,008.8937%$20,415$10,208$3,004.6837%$10,208

Wages for federal income tax = Weekly pay + Taxable lodging allowance - Contribution to 401(k) plan

Carson Smart (married filing jointly) is paid $1,200 every two weeks plus a taxable lodging allowance of $100. He is a participant in the company 401(k) plan and has $150 deducted from his pay for his contribution to the plan. How much would be deducted from his pay for federal income tax (using the wage-bracket table)?

Carson Smart (married filing jointly) is paid $1,200 every two weeks plus a taxable lodging allowance of $100. He is a participant in the company 401(k) plan and has $150 deducted from his pay for his contribution to the plan. How much would be deducted from his pay for federal income tax (using the wage-bracket table)?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 74APSA: Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll:...

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Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: *All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny.) 2. CONCEPTUAL CONNECTION Jet would like to hire a new employee at a salary of $65,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $9,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 25% of gross pay, what will be the total cost of this employee for Jet?
Calculate the amount to withhold from the following employees using the biweekly table of the percentage method. Kenneth Karcher (single), $895 wages $fill in the blank 1 Mary Kenny (married filing jointly), $1,900 wages $fill in the blank 2 Thomas Carney (single), $1,460 wages $fill in the blank 3 2020 Wage Bracket Method Tables for Manual Payroll Systems With Forms W-4 From 2020 or LaterBIWEEKLY Payroll Period If the Adjusted Wage Amount (line 1h) is Married Filing Jointly Head of Household Single or Married Filing Separately At least But less than Standard Withholding Form W-4, Step 2, Checkbox Withholding Standard Withholding Form W-4, Step 2, Checkbox Withholding Standard Withholding Form W-4, Step 2, Checkbox Withholding The Tentative Withholding Amount is: $380$390$400$410$420 $390$400$410$420$430 $0$0$0$0$0 $0$0$0$0$0 $0$0$0$0$0 $3$4$5$6$7 $0$0$0$0$0 $15$16$17$18$19 $430$445$460$475$490 $445$460$475$490$505 $0$0$0$0$0 $0$0$0$1$2 $0$0$0$0$0 $8$9$11$12$14…
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