Question
In: Accounting
Use the percentage method to compute the federal income taxes to withhold from the wages or...
Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". Round your calculations and final answers to the nearest cent.
Click here to access the Table of Allowance Values.
Click here to access the Percentage Method Tables.
Employee No. |
Employee Name |
Marital Status |
No. of Withholding Allowances |
Gross Wage or Salary |
Amount to Be Withheld |
|
| 1 | Amoroso, A. | M | 5 | $1,610 | weekly | $ |
| 2 | Finley, R. | M | 2 | 825 | biweekly | |
| 3 | Gluck, E. | S | 6 | 9,630 | quarterly | |
| 4 | Quinn, S. | S | 8 | 925 | semimonthly | |
| 5 | Treave, Y. | M | 2 | 2,875 | monthly | |
Solutions
Expert Solution
| Employee No. | Employee Name | Marital Status | No. of Withholding Allowances | Gross Wage | Amount to Be Withheld | |
| 1 | Amoroso, A. | M | 5 | $ 1,610 | weekly | $ 110.02 |
| 2 | Finley, R. | M | 2 | 825 | biweekly | $ 27.50 |
| 3 | Gluck, E. | S | 6 | 9,630 | quarterly | $ 238.00 |
| 4 | Quinn, S. | S | 8 | 925 | semimonthly | $ - |
| 5 | Treave, Y. | M | 2 | 2,875 | monthly | $ 119.20 |
| Amoroso, A. | Finley, R. | Gluck, E. | Quinn, S. | Treave, Y. | |
| 1. Total wage payment | 1610 | 825 | 9630 | 925 | 2875 |
| 2. One allowance | 80.8 | 161.5 | 1050 | 175 | 350 |
| 3. Allowances claimed | 5 | 2 | 6 | 8 | 2 |
| 4. Allowance Claimed | 404 | 323 | 6300 | 1400 | 700 |
| 5. Amount subject to withholding | 1206 | 502 | 3330 | 0 | 2175 |
| 6. Tax to be withheld | 37.3+(1206-600)*12% | (502-227)*10% | (3330-950)*10% | 0 | (2175-983)*10% |
| $ 110.02 | $ 27.50 | $ 238.00 | $ - | $ 119.20 |
ekkarill92 answered 3 months agoRelated Solutions
Use the percentage method to compute the federal income taxes to withhold from the wages or...
Use the percentage method to compute the federal income taxes to
withhold from the wages or salaries of each employee. If an amount
is zero, enter "0". Round your calculations and final answers to
the nearest cent. Click here to access the Table of Allowance
Values. Click here to access the Percentage Method Tables. Employee
No. Employee Name Marital Status No. of Withholding Allowances
Gross Wage or Salary Amount to Be Withheld 1 Amoroso, A. M 5 $1,610
weekly $...
Use the percentage method to compute the federal income taxes to withhold from the wages or...
Use the percentage method to compute
the federal income taxes to withhold from the wages or salaries of
each employee. If an amount is zero, enter "0". If
required, round your calculations and final answers to the nearest
cent.
Click here to access the Table of Allowance Values.
Click here to access the Percentage Method Tables.
Employee
No.
Employee
Name
Marital
Status
No. of Withholding
Allowances
Gross Wage
or Salary
Amount
to Be
Withheld
1
Amoroso, A.
M
4
$1,610...
Use the percentage method to compute the federal income taxes to withhold from the wages or...
Use the percentage method to compute
the federal income taxes to withhold from the wages or salaries of
each employee. If an amount is zero, enter "0". If required, round
your calculations and final answers to the nearest cent.
Click here to access the Table of Allowance Values.
Click here to access the Percentage Method Tables.
Employee
No.
Employee Name
Marital
Status
No. of Withholding
Allowances
Gross Wage
or Salary
Amount to Be
Withheld
1
Skymer, A.
M
4
$...
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...
Use the appropriate table to determine the amount to withhold for federal income tax from each...
Use the appropriate
table to determine the amount to withhold for federal income tax
from each of the following biweekly wages (biweekly withholding
allowance = $155.80):
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
$________
True or false 1.The required withholding of federal income taxes and FlCA taxes from employees' wages...
True or false
1.The required withholding of federal income taxes and FlCA
taxes from employees' wages results in a direct reduction of
operating expenses for the employer firm.
2.If an investment is made that pays 8% annual interest for a
5-year period with quarterly compounding, the number of periods is
60.
3.The chart of accounts is also known as the book of original
entry.
4.R&D expense is treated as an operating expense and is not
capitalized.
5.Preferred stockholders compose the...
1. Employers are required to withhold Medicare taxes on only the first $200,000 of Medicare wages....
1. Employers are required to withhold Medicare taxes on only the
first $200,000 of Medicare wages. True False
2. For 2018, the maximum penalty for failing to comply with the
ACA mandate on any taxpayer's tax return is $695.
True
False
____ 14. Which of the following would be used to compute the federal income taxes to...
____ 14. Which of the following would be
used to compute the federal income taxes to be withheld from an
employee's earnings?
a.
FICA tax rate
b.
wage and tax statement
c.
FUTA tax rate
d.
wage bracket and withholding table
____ 15. The total earnings of an
employee for a payroll period is referred to as
a.
take-home pay
b.
pay net of taxes
c.
net pay
d.
gross pay
Which of the following would be used to compute the federal income taxes to be withheld...
Which of the following would be used to compute the federal
income taxes to be withheld from an employee's earnings?
a) FUTA tax rate
b) withholding table
c) FICA tax rate
d) wage and tax statement
Percentage Method The percentage method is used when an employee's wages exceed the Publication 15 tables...
Percentage Method
The percentage method is used when an employee's wages exceed
the Publication 15 tables provided. The process for this method is
to take the earnings, subtract the allowances the employee declared
on their W-4 which results in the wages upon which taxes will be
computed.
Table of Allowance Values for
2019
Weekly
80.80
Biweekly
161.50
Semimonthly
175.00
Monthly
350.00
Quarterly
1,050.00
Semiannual
2,100.00
Annual
4,200.00
Daily/Misc.
16.20
Wage Example's sister-in-law
Perfect is married and claims 3 allowances. She...
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