Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Additional Medal Points Stephen Curry earns $17,664.00 monthly. Additional Information necessary to determine Stephen's tax withholding can be found on his attached 2020 W-4 Note:

image text in transcribed
image text in transcribed
image text in transcribed
Additional Medal Points Stephen Curry earns $17,664.00 monthly. Additional Information necessary to determine Stephen's tax withholding can be found on his attached 2020 W-4 Note: Enter ALL values as positive numbers and round amounts to two decimal places unless instructed otherwise. Description 1. Determine the amount of gross wages. $17,663.63 2. Identify the correct bracket. Wages starting at $ but not over 5 3. Determine the value over the starting wage for this bracket 4. Multiply the overage by the tax rate in the table (enter as a decimal). 0.32 5 At the harvat minimum. Additional Medal Points 1. Description Determine the amount of gross wages. $17,663.63 2. Identify the correct bracket. Wages starting at $ but not 10 over $ 3. 4 Determine the value over the starting wage for this bracket. Multiply the overage by the tax rate in the table (enter as a decimal). Add the bracket minimum tax. X 0.32 5 6. Add the two amounts together - Total withholding for Stephen Curry Enter W-4 Employee's Withholding Certificate OMB No 1545-0074 Form Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay, Department of the Treasury Give Form W-4 to your employer. 2020 Internal Revenue Service Your withholding is subject to review by the IRS. (a) First name and models Last name Step 1: Social security number Stephen Curry ODD-00-DOOD Address Personal Does your name match the 2020 St. James Avenue name on your social security Information card not to ensure you get City or town, state, and ZIP Code credit for your earnings contact Winthrop, MA 02152 SSA at 800-772-1213 or go to www.gov. Single or Married fling separately Married fling jointly for Qualifying widow X Head of honehold (Check only if you're urmarried and pay more than half the costs of keeping up a home for yourself and qualitying individual) Complete Steps 2-4 ONLY if they apply to you; otherwise, skip to Step 5. See page 2 for more information on each step, who can claim exemption from withholding, when to use the online estimator, and privacy. Step 2 Complete this step if you (1) hold more than one job at a time, or (2) are married filing jointly and your spouse Multiple Jobs also works. The correct amount of withholding depends on income earned from all of these jobs, or Spouse Do only one of the following. Works (a) Use the estimator at www.lrs.gow/W4App for most accurate withholding for this step (and Steps 3-4); or (b) Use the Multiple Jobs Worksheet on page 3 and enter the result in Step 4(c) below for roughly accurate withholding or (c) If there are only two jobs total, you may check this box. Do the same on Form W-4 for the other job. This option is accurate for jobs with similar pay, otherwise, more tax than necessary may be withheld TIP: To be accurate, submit a 2020 Form W-4 for all other jobs. If you (or your spouse) havegall-employment income, including as an independent contractor, use the estimator Complete Steps 3-4(b) on Form W-4 for only ONE of these jobs. Leave those stops blank for the other jobs. (Your withholding will be most accurate if you complete Steps 3-4) on the Form W-4 for the highest paying job.) Step 3: If your income will be $200,000 or less ($400,000 or less if married filing jointly): Claim Dependents Multiply the number of qualifying children under age 17 by $2,000 $ Multiply the number of other dependents by $500 Add the amounts above and enter the total here 33 Step 4 (n) Other income (not from jobs). If you want tax withheld for other income you expect (optional): this year that won't have withholding, enter the amount of other income here. This may Include Interest, dividends, and retirement income 4a) s Other Adjustments (b) Deductions. If you expect to claim deductions other than the standard deduction and want to reduce your withholding, use the Deductions Worksheet on page 3 and enter the result here 4(b) S (c) Extra withholding. Enter any additional tax you want withheld each pay period 40) Stephen Curry Step 5: Under penalties of perjury, I declare that this certificate, to the best of my knowledge and beliet is true, correct, and complete Sign Here 2020 Employee's signature (This form is not valid unless you sign it) Date Employers Employer's name and address First date of Employer identification Only employment number EN For Privacy Act and Paperwork Reduction Act Notice, see page 3 Cat00200 FW-40

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9th Edition

978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475

Students also viewed these Accounting questions

Question

d. Is the program accredited?

Answered: 1 week ago