Question
1. Naomi received weekly wages of $1,255.00. She is married and is entitled to 7 withholding allowances. How much income tax will be withheld, based
1. Naomi received weekly wages of $1,255.00. She is married and is entitled to 7 withholding allowances. How much income tax will be withheld, based on the percentage method tables from your text?
2. Cross receives a monthly paycheck from a bakery plant of $3,500.30. She is married and is entitled to 3 withholding allowances. How much is her taxable income? Use the percentage method tables from your text.
3. What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,960, if she has already earned $42,560 this year? (Social security tax is 6.2% of gross wages up to $117,000. Medicare tax is 1.45% of all gross wages.)
4. Abigail Crown is single, claims one withholding allowance, and earns $4,540.00 per month. Using the percentage method, calculate the amount of social security, Medicare, and income tax that is withheld from her paycheck.
5. Family Flowers employs 17 people, of whom 14 earn gross pay of $640 each and 3 earn gross pay of $720 each on a weekly basis. What is the employer's share of total social security and Medicare taxes for the first quarter of the year? (Social security tax is 6.2% of wages up to $117,000. Medicare tax is 1.45% of all wages.)
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