Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Federal Income Tax Withholding Bob Dunn's weekly gross earnings for the present week were $2,700. Dunn has three exemptions. Using the wage bracket withholding table
Federal Income Tax Withholding
Bob Dunn's weekly gross earnings for the present week were $2,700. Dunn has three exemptions. Using the wage bracket withholding table in Exhibit 2 with a $75 standard withholding allowance for each exemption, what is Dunn's federal income tax withholding? Round your answer to two decimal places.
Table for Percentage Method of Withholding WEEKLY Payroll Period EXHIBIT 2 Wage Bracket Withholding Table ....$0 (a) SINGLE person (including head of household) - If the amount of wages (after subtracting withholding allowances) The amount of income tax is: to withhold is: Not over $43............ Over - But not over- of excess over- $43 - $222 . . $0.00 plus 10% $43 $222 - $767 . . $17.90 plus 15% $222 $767 -$1,796 .. $99.65 plus 25% H $1,796 -$3,700 .. $356.90 plus 28% $1,796 $3,700 -$7,992 .. $890.02 plus 33% $3,700 $7,992 -$8,025 . . $2,306.38 plus 35% $7,992 $8,025 . . . . . . . . . . . . $2,317.93 plus 39.6% $8,025 $767 McGrath wage bracketStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started