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PSb 3-8 Calculate Federal (Wage-Bracket Method - pre-2020 Form W-4), State, and Local Income Tax Withholding For each employee listed, use the wage-bracket method to calculate federal income tax withholding, assuming that each has submitted a pre-2020 Form W-4. Then calculate both the state income tax withholding (assuming a state tax rate of 5.0% of taxable pay, with taxable pay being the same for federal and state income tax withholding), and the local income tax withholding. Refer to the Federal Tax Tables in Appendix A of your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Publication 15-T (2020) 1: Jay Monroe (single; 2 federal withholding allowances) earned weekly gross pay of $1,145. For each period, he makes a 401(k) retirement plan contribution of 12% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 2% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 1.7% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 2: Gus Damon (married; 9 federal withholding allowances) earned weekly gross pay of $1,200. He contributes $125 to a flexible spending account during the period. The city in which he lives and works levies a tax of 3% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.40% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 3: Kenneth Riley (single; 0 federal withholding allowances) earned weekly gross pay of $1,000. For each period, he makes a 403(b) retirement plan contribution of 5% of gross pay. The city in which he lives and works levies a tax of 1.7% of an employee's taxable pay (which is the same for federal and local income tax withholding) on both residents and nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 4: Ross McMichael (married; 2 federal withholding allowances) earned weekly gross pay of $970. He pays $60 to a cafeteria plan during the period. The city in which he works levies a tax of $8/week on employees who work within city limits. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $

PSb 3-8 Calculate Federal (Wage-Bracket Method - pre-2020 Form W-4), State, and Local Income Tax Withholding For each employee listed, use the wage-bracket method to calculate federal income tax withholding, assuming that each has submitted a pre-2020 Form W-4. Then calculate both the state income tax withholding (assuming a state tax rate of 5.0% of taxable pay, with taxable pay being the same for federal and state income tax withholding), and the local income tax withholding. Refer to the Federal Tax Tables in Appendix A of your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Publication 15-T (2020) 1: Jay Monroe (single; 2 federal withholding allowances) earned weekly gross pay of $1,145. For each period, he makes a 401(k) retirement plan contribution of 12% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 2% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 1.7% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 2: Gus Damon (married; 9 federal withholding allowances) earned weekly gross pay of $1,200. He contributes $125 to a flexible spending account during the period. The city in which he lives and works levies a tax of 3% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.40% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 3: Kenneth Riley (single; 0 federal withholding allowances) earned weekly gross pay of $1,000. For each period, he makes a 403(b) retirement plan contribution of 5% of gross pay. The city in which he lives and works levies a tax of 1.7% of an employee's taxable pay (which is the same for federal and local income tax withholding) on both residents and nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 4: Ross McMichael (married; 2 federal withholding allowances) earned weekly gross pay of $970. He pays $60 to a cafeteria plan during the period. The city in which he works levies a tax of $8/week on employees who work within city limits. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $

Individual Income Taxes
Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 9DQ: LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on...
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PSb 3-8 Calculate Federal (Wage-Bracket Method - pre-2020 Form W-4), State, and Local Income Tax Withholding For each employee listed, use the wage-bracket method to calculate federal income tax withholding, assuming that each has submitted a pre-2020 Form W-4. Then calculate both the state income tax withholding (assuming a state tax rate of 5.0% of taxable pay, with taxable pay being the same for federal and state income tax withholding), and the local income tax withholding. Refer to the Federal Tax Tables in Appendix A of your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Publication 15-T (2020) 1: Jay Monroe (single; 2 federal withholding allowances) earned weekly gross pay of $1,145. For each period, he makes a 401(k) retirement plan contribution of 12% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 2% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 1.7% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 2: Gus Damon (married; 9 federal withholding allowances) earned weekly gross pay of $1,200. He contributes $125 to a flexible spending account during the period. The city in which he lives and works levies a tax of 3% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.40% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 3: Kenneth Riley (single; 0 federal withholding allowances) earned weekly gross pay of $1,000. For each period, he makes a 403(b) retirement plan contribution of 5% of gross pay. The city in which he lives and works levies a tax of 1.7% of an employee's taxable pay (which is the same for federal and local income tax withholding) on both residents and nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 4: Ross McMichael (married; 2 federal withholding allowances) earned weekly gross pay of $970. He pays $60 to a cafeteria plan during the period. The city in which he works levies a tax of $8/week on employees who work within city limits. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $
Transcribed Image Text:PSb 3-8 Calculate Federal (Wage-Bracket Method - pre-2020 Form W-4), State, and Local Income Tax Withholding For each employee listed, use the wage-bracket method to calculate federal income tax withholding, assuming that each has submitted a pre-2020 Form W-4. Then calculate both the state income tax withholding (assuming a state tax rate of 5.0% of taxable pay, with taxable pay being the same for federal and state income tax withholding), and the local income tax withholding. Refer to the Federal Tax Tables in Appendix A of your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Publication 15-T (2020) 1: Jay Monroe (single; 2 federal withholding allowances) earned weekly gross pay of $1,145. For each period, he makes a 401(k) retirement plan contribution of 12% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 2% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 1.7% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 2: Gus Damon (married; 9 federal withholding allowances) earned weekly gross pay of $1,200. He contributes $125 to a flexible spending account during the period. The city in which he lives and works levies a tax of 3% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.40% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 3: Kenneth Riley (single; 0 federal withholding allowances) earned weekly gross pay of $1,000. For each period, he makes a 403(b) retirement plan contribution of 5% of gross pay. The city in which he lives and works levies a tax of 1.7% of an employee's taxable pay (which is the same for federal and local income tax withholding) on both residents and nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 4: Ross McMichael (married; 2 federal withholding allowances) earned weekly gross pay of $970. He pays $60 to a cafeteria plan during the period. The city in which he works levies a tax of $8/week on employees who work within city limits. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $
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