Use Wage Bracket Method Table For DEC 31, 2018. To determine the answer. TABLE 2—BIWEEKLY Payroll...

Use Wage Bracket Method Table For DEC 31, 2018. To determine the answer.

TABLE 2—BIWEEKLY Payroll Period

(a) SINGLE person (including head of household)—				(b) MARRIED person—
If the amount of wages (after subtracting withholding allowances) is:		The amount of income tax to withhold is:		If the amount of wages (after subtracting withholding allowances) is:		The amount of income tax to withhold is:
Not over $142		$0		Not over $444		$0
Over—	But not over—	of excess over—		Over—	But not over—	of excess over—
$142	—$509	$0.00 plus 10%	—$142	$444	—$1,177	$0.00 plus 10%	—$444
$509	—$1,631	$36.70 plus 12%	—$509	$1,177	—$3,421	$73.30 plus 12%	—$1,177
$1,631	—$3,315	$171.34 plus 22%	—$1,631	$3,421	—$6,790	$342.58 plus 22%	—$3,421
$3,315	—$6,200	$541.82 plus 24%	—$3,315	$6,790	—$12,560	$1,083.76 plus 24%	—$6,790
$6,200	—$7,835	$1,234.22 plus 32%	—$6,200	$12,560	—$15,829	$2,468.56 plus 32%	—$12,560
$7,835	—$19,373	$1,757.42 plus 35%	—$7,835	$15,829	—$23,521	$3,514.64 plus 35%	—$15,829
$19,373	. . .	$5,975.72 plus 37%	—$19,373	$23,521	. . .	$6,206.84 plus 37%	—$23,521
Source: Internal Revenue Service.

Use the appropriate table to determine the amount to withhold for federal income tax from each of the following biweekly wages (biweekly withholding allowance = $159.60):

Patrick Patrone (single, 2 allowances), $925 wages	$
Carson Leno (married, 4 allowances), $1,195 wages	$
Carli Lintz (single, 0 allowances), $700 wages	$
Gene Hartz (single, 1 allowance), $2,500 wages	$
Mollie Parmer (married, 2 allowances), $3,600 wages	$

Expert Solution

Table provided in the question is for Percentage method
Kindly refer to Wage bracket method tables for Bi-weekly payroll period for 2018

Patrick Patrone (single, 2 allowances), $925 wages
925 lies between 909 and 929 and look for 2 allowances
Amount to be withheld as per table=$ 47

Carson Leno (married, 4 allowances), $1,195 wages
1195 lies between 1184 and 1204 and look for 4 allowances
Amount to be withheld as per table=$ 9

Carli Lintz (single, 0 allowances), $700 wages
700 lies between 689 and 709 and look for 0 allowances
Amount to be withheld as per table=$ 59

Gene Hartz (single, 1 allowance), $2,500 wages
2500 lies between 2489 and 2509 and look for 1 allowance
Amount to be withheld as per table=$ 323

Mollie Parmer (married, 2 allowances), $3,600 wages
Since 3600 is over and above $ 3104, we have to use percentage method for withholding
Refer Table 2 (b) in the question
						$
Total wage payment						3600
Less: Withholding allowace for 2 allowances (2*159.60)						319.2
Wage subject to withholding						3280.8

3280.8 lies between 1177 and 3421 in table 2 (b)
Amount to be withheld as per table=73.30+(3280.8-1177)*12%=$ 325.76

ekkarill92 answered 6 months ago

Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes...

Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. . Table of Allowance Values for 2017 Weekly 77.90 Biweekly 155.80 Semimonthly 168.80 Monthly 337.50 Quarterly 1,012.50 Semiannual 2,025.00 Annual 4,050.00 Daily/Misc. 15.60 the Percentage Method Tables. the Wage-Bracket Method Tables. Amount to Be Withheld Employee Marital Status...

For each employee listed, use both the wage-bracket method and the percentage method to calculate the...

For each employee listed, use both the wage-bracket method and the percentage method to calculate the federal income tax withholding. Refer to Appendix A, 2017 and Appendix 2018 Federal Tax Tables. I need to see the step by step for both 2017 Tax Table calculation and the 2018 Tax Table calculation. Thank you! Pedro Evans (married, 3 withholding allowance) earned weekly gross pay of $1,819.00. Using wage bracket method: Federal income tax withholding=$_________________ Using percentage method; Federal income tax withholding=$____________________...

If Dec. 31 falls on a Tuesday before the Friday of pay day (biweekly pay 100/dat),...

If Dec. 31 falls on a Tuesday before the Friday of pay day (biweekly pay 100/dat), Green landscaping must accrue a liability to its employees. When Green pays 10000 to its employees on Jan. 3, 3 days’ pay is an expense of the current year. Also, 7 days pays retired the wages payable from Dec. 31st. Make adjusting entries A company’s employees earn 25000 weekly, work 5 days per week (Mon-Friday) and gets paid each Friday If the previous pay...

Ernesto Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find...

Ernesto Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from the wages paid each employee. If an amount is zero, enter "0". Enter all amounts as positive numbers. Click here to access the Wage-Bracket Method Tables. Employee Marital Status No. of Withholding Allowances Payroll Period W=Weekly S=Semimonthly M=Monthly D=Daily Wage Amount to Be Withheld Ed Boone M 1 W $1,250 $ Ray Ortega S 1 W 695 Carl Lopez...

You are given the following information. Please use it for the following 31-Dec-16 31-Dec-16 31-dec-17 31-Dec-17...

You are given the following information. Please use it for the following 31-Dec-16 31-Dec-16 31-dec-17 31-Dec-17 stock Price Shares Price Shares w 50$ 10000 25$ 20000 x 40$ 5000 25$ 10000 y 20$ 20000 30$ 20000 z 30$ 15000 40$ 15000 Stocks W and X had 2 for 1 splits on December 31, 2016. The information in the table for 2016 is pre-split. 3.4 Calculate the price weighted series for Dec 31, 2016, prior to the splits. 3.5 Calculate the...

Nagel co.'s prepaid insurance was $190000 at dec. 31, 2017 and $90000 at dec. 31, 2018 insurance expense was $162000 for 2018

Nagel co.'s prepaid insurance was $190000 at dec. 31, 2017 and $90000 at dec. 31, 2018 insurance expense was $162000 for 2018 and $54000 for 2017 what amount of cash payment for insurance would be reported in nagel's 2018 net cash provided by operating activites, presented on direct basis?a. $198000b. $128000c. $162000d. $62000

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....

Based on the wage-bracket method, what is the federal income tax withholding for an employee who...

Based on the wage-bracket method, what is the federal income tax withholding for an employee who is married, paid on a bi-weekly basis, has two federal withholding allowances, and earns $1,317? $63 $120 $67 Which of the following groups may not be paid less than the federal minimum wage? 1.Full-time students 2.Tipped employees 3.State government workers Which must a company have before hiring employees? 1.Employer Identification Notice 2.Employer Identification Number 3.All the above An employer designates any 7-day period as...

Dec. 31, Year 2 Dec. 31, Year 1 ASSETS Current assets: Cash and cash equivalents $...

Dec. 31, Year 2 Dec. 31, Year 1 ASSETS Current assets: Cash and cash equivalents $ 92,069 $ 72,634 Accounts receivables, net 55,947 75,492 Inventories 50,784 53,129 Prepaid expenses 12,112 13,057 Total current assets 210,912 214,312 Equipment 145,444 134,312 Less: Accumulated depreciation (50,515) (36,689) Total assets $305,841 $311,935 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 25,466 $ 34,879 Accrued liabilities 40,574 40,722 Total current liabilities 66,040 75,601 Long-term debt 10,422 ...

Balance Sheet As at Dec 31 2017 and 2018 Carl’s Jr Restaurants 2017 2018 Current...

Balance Sheet As at Dec 31 2017 and 2018 Carl’s Jr Restaurants 2017 2018 Current Assets: Cash $210,000,000 $215,000,000 Accounts Receivables 355,000,000 310,000,000 Inventory 507,000,000 328,000,000 Total Current Assets $1,072,000,000 $853,000,000 Long-Term Assets: Net Equipment, Furniture, Fixtures $6,085,000,000 $6,527,000,000 Total Assets $7,157,000,000 $7,380,000,000 Current Liabilities: Accounts Payable $207,000,000 $298,000,000 Notes Payable $1,715,000,000 $1,427,000,000 Total Current Liabilities $1,922,000,000 $1,725,000,000 Long-term Liabilities $1,987,000,000 $2,308,000,000 Owners’ Equity: Common stock plus Capital Surplus $1,000,000,000 $1,000,000,000 Retained Earnings 2,248,000,000 ...

Question