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mptions and had a take-home pay of $1,020.00 this week, how much would his employer take from his pay to satisfy part of the tax levy?

mptions and had a take-home pay of $1,020.00 this week, how much would his employer take from his pay to satisfy part of the tax levy?

PAYROLL ACCT.,2019 ED.(LL)-TEXT
PAYROLL ACCT.,2019 ED.(LL)-TEXT
19th Edition
ISBN:9781337619783
Author:BIEG
Publisher:BIEG
Chapter4: Income Tax Withholding
Section: Chapter Questions
Problem 3SSQ
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Example 6-4

Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2019) would be:

Take-home pay $621.00
Less: Exempt amount (from Figure 6.3). 396.16
Federal tax levy $224.84


Figure 6.3
2019 Table for Amount Exempt for Tax Levy (Single Person)

Filing Status: Single
Pay
Period		 Number of Exemptions Claimed on Statement
0 1 2 3 4 5 More Than 5
Daily 46.92 63.07 79.22 95.37 111.52 127.67 46.92 plus 16.15 for
each dependent
Weekly 234.62 315.39 396.16 476.93 557.70 638.47 234.62 plus 80.77 for
each dependent
Biweekly 469.23 630.77 792.31 953.85 1115.39 1276.93 469.23 plus 161.54 for
each dependent
Semimonthly 508.33 683.33 858.33 1033.33 1208.33 1383.33 508.33 plus 175 for
each dependent
Monthly 1016.67 1366.67 1716.67 2066.67 2416.67 2766.67 1016.67 plus 350 for
each dependent

Source: Internal Revenue Service.

Carson Holiday has a federal tax levy of $4,119.90 against him. If Holiday is single with three personal exemptions and had a take-home pay of $1,020.00 this week, how much would his employer take from his pay to satisfy part of the tax levy?

Round your intermediate calculations and final answer to the nearest cent.

$

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