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Use Figure 12.15 as a reference to answer the following questions. A. If an employee makes $1,400 per month and files as single with no withholding allowances, what would be his monthly income tax withholding? B. What would it be if an employee makes $2,500 per month and files as single with two withholding allowances?

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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

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FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 12, Problem 20Q
Textbook Problem
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Use Figure 12.15 as a reference to answer the following questions.

A. If an employee makes $1,400 per month and files as single with no withholding allowances, what would be his monthly income tax withholding?

B. What would it be if an employee makes $2,500 per month and files as single with two withholding allowances?

To determine

(a)

Introduction:

Income tax withholding refers to employee’s income tax which is withheld by the employer for payment to the government. In this manner, amount of income tax payable by employee is deducted from the salary and submitted to the government directly by the employer and the balance amount is paid to the employee.

To compute:

The monthly income tax withholding in case a person earns $1,400 per month and files as single with no withholding allowances.

Explanation of Solution

To compute withholding tax of the given employee, “Wage Bracket Method Tables for Income Tax Withholding for Single Persons” is used.

According to this table, employee falls under $1,365-$1,405 categor...

To determine

(b)

To compute:

The monthly income tax withholding in case a person earns $2,500 per month and files as single with two withholding allowances.

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Chapter 12 Solutions

Principles of Accounting Volume 1
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