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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 with-holding allowance for each exemption, what is Worldly’s federal income tax withholding?

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 11, Problem 2PEA
Textbook Problem
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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 with-holding allowance for each exemption, what is Worldly’s federal income tax withholding?

To determine

Calculate W’s federal income tax withholding.

Explanation of Solution

Federal income tax withholding: The amounts which the employer withheld from employees’ gross pay for the payment of the employees’ federal income tax to the government, are called as federal income tax withholding. The amount of withholdings is depends on each employee’s gross pay and W-4 allowance.

Calculate W’s federal income tax withholding, if her gross earnings for the week are $2,000 and number of exemptions (allowances) are two.

Step 1: Calculate the amount subject to withholding.

  Amount subject to withholding = Gross earnings  Withholding allowances amount= $2,000  ($75×2allowances)=$2,000$150=$1,850

Step 2: Calculate federal income tax withholding.

   Federal income tax withholding = $356

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Chapter 11 Solutions

Financial Accounting
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