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Could use some help on this problem. Any help is always appreciated! Example 6-4 Borden Company received a federal tax levy on John Kline. Kline
Could use some help on this problem. Any help is always appreciated!
Example 6-4 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 $621.00 Less: Exempt amount (from Fiqure 6.3). 284.62 $336.38 Federal tax levy Figure 6.3 2018 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single Number of Exemptions Claimed on Statement Pay Period More Than 6 1 2 3 4 5 6 25 plus 15.96 for Daily 88.85 40.96 56.92 72.88 104.81 120.77 each exemption 125 plus 79.81 for Weekly 204.81 284.62 364.42 444.23 524.04 603.85 each exemption 250 plus 159.62 for Biweekly 409.62 569.23 728.85 888.46 1048.08 1207.69 each exemption 270.83 plus 172.92 for Semimonthly 443.75 616.67 789.58 962.50 1135.42 1308.33 each exemption 541.67 plus 345.83 for Monthly 887.50 1233.33 1579.17 1925.00 2270.83 2616.67 each exemption Source: Internal Revenue Service 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 $1,360.000 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 centStep by Step Solution
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