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 2019) would be Take home pay $621 00 Less Exempt amount (from Figure 6 3) 396 16 Federal tax levy $224 84 Figure 6 3 2019 Table for Amount Exempt for Tax Levy (Single Person) Filing Status Single Pay Period Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 46 92 63 07 79 22 95 37 111 52 127 67 46 92 plus 16 15 for each dependent Weekly 234 62 315 39 396 16 476 93 557 70 638 47 234 62 plus 80 77 for each dependent Biweekly 469 23 630 77 792 31 953 85 1115 39 1276 93 469 23 plus 161 54 for each dependent Semimonthly 508 33 683 33 858 33 1033 33 1208 33 1383 33 508 33 plus 175 for each dependent Monthly 1016 67 1366 67 1716 67 2066 67 2416 67 2766 67 1016 67 plus 350 for each dependent Source Internal Revenue Service Carson Holiday has a federal tax levy of $4,119 90 against him If Holiday is single with three personal exemptions and had a take home pay of $1,020 00 this week, how much would his employer take from his pay to satisfy part of the tax levy Round your intermediate calculations and final answer to the nearest cent $ Feedback Annually the IRS provides tables (see Figure 6 3) that shows the amount of the individuals' take home pay that is exempt from the levy based on the filing status, the standard deduction, and the allowances claimed by the individual (W 4) The IRS instructs employers to withhold the difference between the take home pay and the exempt amount The take home pay is the gross pay less taxes and the deductions in effect before the levy was received

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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

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 2019) would be:

Take-home pay	$621.00
Less: Exempt amount (from Figure 6.3).	396.16
Federal tax levy	$224.84

Figure 6.3 2019 Table for Amount Exempt for Tax Levy (Single Person)

Filing Status: Single
Pay Period	Number of Exemptions Claimed on Statement
Pay Period	0	1	2	3	4	5	More Than 5
Daily	46.92	63.07	79.22	95.37	111.52	127.67	46.92 plus 16.15 for each dependent
Weekly	234.62	315.39	396.16	476.93	557.70	638.47	234.62 plus 80.77 for each dependent
Biweekly	469.23	630.77	792.31	953.85	1115.39	1276.93	469.23 plus 161.54 for each dependent
Semimonthly	508.33	683.33	858.33	1033.33	1208.33	1383.33	508.33 plus 175 for each dependent
Monthly	1016.67	1366.67	1716.67	2066.67	2416.67	2766.67	1016.67 plus 350 for each dependent

Source: Internal Revenue Service.

Carson Holiday has a federal tax levy of $4,119.90 against him. If Holiday is single with three personal exemptions and had a take-home pay of $1,020.00 this week, how much would his employer take from his pay to satisfy part of the tax levy?

Round your intermediate calculations and final answer to the nearest cent.

Feedback

Annually the IRS provides tables (see Figure 6.3) that shows the amount of the individuals' take-home pay that is exempt from the levy based on the filing status, the standard deduction, and the allowances claimed by the individual (W-4). The IRS instructs employers to withhold the difference between the take-home pay and the exempt amount. The take-home pay is the gross pay less taxes and the deductions in effect before the levy was received.