Federal Income Tax WithholdingTam Worldly’s weekly gross earnings for the present week were $2,000. Worldly has two exemptions. Using the wage bracket withholding table in Exhibit 2 with a $75 standard withholding allowance for each exemption, what is Worldly’s federal income tax withholding? If required, round your answer to two decimal places. EXHIBIT 2Table for Percentage Method of Withholding WEEKLY Payroll PeriodWage BracketWithholding Table(a) SINGLE person (including head of household)–If the amount of wages (aftersubtracting withholding allowances) The amount of income taxis:Not over $43......Over-to withhold is:But not over-of excess over--$222 .. $0.00 plus 10%-$767 .. $17.90 plus 15%-$1,796 .. $99.65 plus 25%-$3,700 .. $356.90 plus 28%-$7,992 .. $890.02 plus 33%-$8,025 .. $2,306.38 plus 35%$2,317.93 plus 39.6%$43$43$222$767$222$767McGrath wage bracket$1,796$3,700$7,992$8,025.$1,796$3,700$7,992$8,025

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Answered: EXHIBIT 2 Table for Percentage Method…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section13.1: Recording A Payroll

Problem 1WT

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Federal Income Tax Withholding

Tam Worldly’s weekly gross earnings for the present week were $2,000. Worldly has two exemptions. Using the wage bracket withholding table in Exhibit 2 with a $75 standard withholding allowance for each exemption, what is Worldly’s federal income tax withholding? If required, round your answer to two decimal places.

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-
to withhold is:
But not over-
of excess over-
-$222 .. $0.00 plus 10%
-$767 .. $17.90 plus 15%
-$1,796 .. $99.65 plus 25%
-$3,700 .. $356.90 plus 28%
-$7,992 .. $890.02 plus 33%
-$8,025 .. $2,306.38 plus 35%
$2,317.93 plus 39.6%
$43
$43
$222
$767
$222
$767
McGrath wage bracket
$1,796
$3,700
$7,992
$8,025.
$1,796
$3,700
$7,992
$8,025

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