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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

Use the combined wage bracket tables, Exhibits 9-3 and 9-4, to solve Exercises 13-19.

Jeremy Dunn is single, claims two withholding allowances, and earns $4,025 per month. Calculate the amount of Jeremy’s paycheck after his employer withholds social security. Medicare, and federal income tax.

To determine

To calculate: The amount of paycheck of Jeremy after withholding all the taxes if he is single and earns $4,025 per month with 2 withholding allowances.

Explanation

Given Information:

Jeremy is single and earns $4,025 per month with 2 withholding allowances.

Refer to the table Exhibit 9.4.

Formula used:

The formulas for amount of paycheck,

Amount of Paycheck = EarningsPayroll deductions

Steps to find the total income tax, social security and Medicare withheld by the combined wage bracket table,

Step1: Choose exhibit 9-3 or 9-4 according to the employee’s marital status and payment period.

Step2: Scan the wage brackets, labeled as “At least” and “but less than”, which contain the gross pay.

Step3: Find the intersection of the rows of wage bracket and the column of the number of withholding allowances.

Step4: The number in the intersection of step 3 is the amount of combined tax withheld.

Calculation:

Consider the table Exhibit 9.4.

Now, the Jeremy is single with 2 withholding allowances

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