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Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00
Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2018) would be: Take-home pay Less: Exempt amount (from Figure 6.3). Federal tax levy Figure 6.3 2018 Table for Amount Exempt for Tax Levy (Single Person) Pay Period $ Daily Weekly Biweekly 1 Monthly 2 40.96 56.92 409.62 569.23 204.81 284.62 364.42 Filing Status: Single Number of Exemptions Claimed on Statement 3 6 72.88 Source: Internal Revenue Service. Semimonthly 443.75 616.67 789.58 728.85 4 $621.00 284.62 $336.38 88.85 888.46 5 104.81 444.23 524.04 120.77 603.85 1048.08 1207.69 962.50 1135.42 1308.33 887.50 1233.33 1579.17 1925.00 2270.83 2616.67 More Than 6 25 plus 15.96 for each exemption 125 plus 79.81 for each exemption 250 plus 159.62 for each exemption 270.83 plus 172.92 for each exemption 541.67 plus 345.83 for each exemption Carson Holiday has a federal tax levy of $4,293.50 against him. If Holiday is single with four personal exemptions and had a take-home pay of $1,360.00 this week, how much would his employer take from his pay to satisfy part of the tax levy? Round intermediate calculations and your final answer to the nearest cent.
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