Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1- Nico received a bonus of $6,000 from an employer. Which one of the following federal income withholding tax amounts is not in accordance with
1- Nico received a bonus of $6,000 from an employer. Which one of the following federal income withholding tax amounts is not in accordance with IRS rules regarding supplemental wage payments? Nico earns biweekly wages of $5,000 and is single, with no dependents. Assume the employer uses the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or later (see appendix). a. $1,822.80 on the bonus if taxes had already been withheld from regular pay. b. $1,926.74 if the bonus and wages are paid on different dates within the pay period. c. $2,163.37 if the bonus is taxed at the supplemental wage percentage and added to regular wages paid in the same period. d. $2,666.17 if the bonus and wages are paid at the same time during the pay period
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started