Question
1: Thomas Fortuna (married; 4 federal withholding allowances) earned weekly gross pay of $745. For each period, he makes a 401(k) retirement plan contribution of
1: Thomas Fortuna (married; 4 federal withholding allowances) earned weekly gross pay of $745. For each period, he makes a 401(k) retirement plan contribution of 10% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $
2: Barbara Houlihan (single; 1 federal withholding allowance) earned daily gross pay of $320. For each period, she makes a 401(k) contribution of 12% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $
3: Marcus Xavier (married; 5 federal withholding allowances) earned monthly gross pay of $3,650. He participates in a flexible spending account, to which he contributes $200 during the period. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding =
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