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For each employee listed, use the wage-bracket method to calculate federal income tax withholding. 1:Phil McGlynn...

For each employee listed, use the wage-bracket method to calculate federal income tax withholding.

1:Phil McGlynn (Married; 3 federal withholding allowances) earned weekly gross pay of $750.

Federal income tax withholding = $

2:Gary Williams (single; 1 federal withholding allowance) earned biweekly gross pay of $1,920. He participates in a flexible spending account, to which he contributes $50 during the period.

Federal income tax withholding = $

3:Lila Downing (single; 2 federal withholding allowances) earned monthly gross pay of $1,285. For each period, she makes a 401(k) contribution of 8% of gross pay.

Federal income tax withholding = $

4:Billie Hall (married; 2 federal withholding allowances) earned semimonthly gross pay of $2,250. She participates in a cafeteria plan, to which she contributes $250 during the period.

Federal income tax withholding =

Solutions

Expert Solution

Ref:Publication 15-T,Federal Income Tax Withholding Methods issued by IRS(2019 or Earlier)

1)Name of employee :PhilMC Glynn

Marital Status:Married

No. of allowances: 3

Salary: $750 ,weekly

Federal income tax withheld: $ 28

2) Name of employee :Garry Williams

Marital Status:single

No. of allowances: 1

Salary: $1870, ($1920-$50) ,biweekly

Federal income tax withheld: $ 183

Note:Contribution to Flexi Spending Accounts is deductible from salary

(Ref:publication 969,HealthSavings account and other Tax favored HealthPlans)

3)Name of employee :Lila Downing

Marital Status:single

No. of allowances: 2

Salary: $1182 (1285- 1285*8%=1285 -103=1182) ,monthly

Federal income tax withheld: $ 17

Note : contribution under section 401(k) @ 8% on gross salary is deductible

4)Name of employee :Billie Hall

Marital Status:married

No. of allowances: 2

Salary: $2000 (2250-250) ,semi monthly

Federal income tax withheld: $ 121

Note: contribution to Cafeteria Plan is deductible as per 26U.S. code 125

ekkarill92 answered 10 months ago
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