Henry, who earned $124,200 during 2020, is paid on a monthly basis, is married, (spouse does not work) and two dependents who are under the age of 17. Assume that Henry has only one job or that step 2 of Form W-4 is not checked. Also, his employer uses the percentage method table for an automated payroll system. Use percentage method tables for automated systems. Required:What is Henry’s federal tax withholding for each pay period?What is Henry’s FICA withholding for each pay period? 2020 Percentage Method Tables for Automated Payroll SystemsSTANDARD Withholding Rate SchedulesForm W-4, Step 2, Checkbox, Withholding Rate Schedules(Use these if the Form W-4 is from 2020 or later and the box in Step 2 ofForm W-4 IS checked)(Use these if the Form W-4 is from 2019 or earlier, or if the Form W-4 isfrom 2020 or later and the box in Step 2 of Form W-4 is NOT checked)of theamount thattheof theamount thattheIf the Adjusted AnnualWage Amount (line 2a) is:If the Adjusted AnnualWage Amount (line 2a) is:ThetentativeAdjustedAnnualTheAdjustedAnnualPlus thistentativePlus thisBut lessBut lessWageexceeds-Wageexceeds-amount topercentageamount topercentageAt least-than-withhold is:At least-than-withhold is:АВCEАВE$ 0$ 11,900$ 31,650$ 92,150$ 182,950$ 338,500$ 426,600$ 633,950Married Filling Jointly$ 0.00$ 0.00$ 1,975.00$ 9,235.00$ 29,211.00$ 66,543.00$ 94,735.00$ 167,307.50Single or Married Filling Separately$ 0.00$ 0.00$ 987.50$ 11,900$ 31,650$ 92,150$ 182,950$ 338,500$ 426,600$ 633,950$ 0$ 11,900$ 31,650$ 92,150$ 182,950$ 338,500$ 426,600$ 633,950$ 0$ 12,400$ 22,275$ 52,525$ 97,925$ 175,700$ 219,750$ 323,425Married Filling Jointly$ 0.00$ 0.00$ 987.50$ 4,617.50$ 14,605.50$ 33,271.50$ 47,367.50$ 83,653.75Single or Married Filling Separately$ 0.00$ 0.00$ 493.75$ 12,400$ 22,275$ 52,525$ 97,925$ 175,700$ 219,750$ 323,425$ 0$ 12,400$ 22,275$ 52,525$ 97,925$ 175,700$ 219,750$ 323,4250%0%10%10%12%12%22%22%24%24%32%32%35%35%37%37%$ 0$ 3,800$ 13,675$ 3,800$ 13,675$ 43,925$ 0$ 3,800$ 13,675$ 6,200$ 11,138$ 26,263$ 0$ 6,200$ 11,1380%$00%$ 6,200$ 11,13810%10%12%12%

Given, Earnings during 2020=$124,200 Monthly earnings=$124,20012 months=$10,350

Henry, who earned $124,200 during 2020, is paid on a monthly basis, is married, (spouse does not work) and two dependents who are under the age of 17. Assume that Henry has only one job or that step 2 of Form W-4 is not checked. Also, his employer uses the percentage method table for an automated payroll system. Use percentage method tables for automated systems. Required: What is Henry’s federal tax withholding for each pay period? What is Henry’s FICA withholding for each pay period?

Henry, who earned $124,200 during 2020, is paid on a monthly basis, is married, (spouse does not work) and two dependents who are under the age of 17. Assume that Henry has only one job or that step 2 of Form W-4 is not checked. Also, his employer uses the percentage method table for an automated payroll system. Use percentage method tables for automated systems. Required: What is Henry’s federal tax withholding for each pay period? What is Henry’s FICA withholding for each pay period?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EB: Reference Figure 12.15 and use the following information to complete the requirements. A. Determine...

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