or each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4.Refer to ublication 15-T. IOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
or each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4.Refer to ublication 15-T. IOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter13: Accounting For Payroll And Payroll Taxes
Section13.3: Reporting Withholding And Payroll Taxes
Problem 1WT
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Transcribed Image Text:PSc 3-4 Calculate Federal Income Tax Withholding Using the Percentage Method (Pre-2020 Form W-4)
For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4.Refer to
Publication 15-T.
NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
1:
Tony Daniels (Married; 4 federal withholding allowances) earned weekly gross pay of $790.
Federal income tax withholding = $
2: Mario Gonzales (married; 5 federal withholding allowances) earned biweekly gross pay of $2,010. He participates in a flexible spending account, to which he contributes
$110 during the period.
Federal income tax withholding = $
3: Angela Brown (single; 3 federal withholding allowances) earned monthly gross pay of $5,085. For each period, she makes a 401(k) contribution of 13.5% of gross pay.
Federal income tax withholding = $
4: Linda Sykes (single; 1 federal withholding allowance) earned semimonthly gross pay of $2,715. She participates in a cafeteria plan, to which she contributes $135 during
the period.
Federal income tax withholding = $
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