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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Jan McMillan is married, claims five exemptions, and earns $5,670 per month. As the payroll manager of Jan’s company, use the percentage method to calculate the amount of income tax that must be withheld from her paycheck.

To determine

To calculate: The amount of tax that must be withheld from the pay check by using percentage method when a person is married and claims five exemptions and earns $5,670 per month.

Explanation

Given Information:

The person is married and claims five exemptions and his gross pay is $5,670.

Formula used:

The withholding allowance is given by

Witholding Allowance=1 allowance×Exemptions

Taxable income is given by

Taxable Income =Gross pay Withholding allowance

Withholding tax is equal to

Withholding Tax=151.30+15% of amount greater than $2217

Calculation:

Consider the statement,

The person is married and claims five exemptions and his gross pay is $5,670.

The withholding allowance is given by

Witholding Allowance=1 allowance×Exemptions

As the payroll period is per month. Therefore, from the exhibit 9-1, one withholding allowance for monthly is 329.20.

Therefore, withholding allowance for 5 exemptions is:

Witholding Allowance=1 allowance×Exemptions =$329

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