Question
For each employee listed, use the wage-bracket method to calculate federal income tax withholding. Refer to Appendix A, 2016 Federal Tax Tables in your textbook.
For each employee listed, use the wage-bracket method to calculate federal income tax withholding. Refer to Appendix A, 2016 Federal Tax Tables in your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
1A:Paul Yount (married; 7 federal withholding allowances) earned weekly gross pay of $605. For each period, he contributes 7% of gross pay to a 403(b) retirement plan. Federal income tax withholding = $
1B:Paulina Robinson (single; 3 federal withholding allowances) earned biweekly gross pay of $1,245. She contributes $75 to a flexible spending account during the period. Federal income tax withholding = $
1C:Lacey Kunis (single; 2 federal withholding allowances) earned monthly gross pay of $3,090. For each period, she makes a 401(k) contribution of 11% of gross pay. Federal income tax withholding = $
1D:Francine Stewart (married; 4 federal withholding allowances) earned semimonthly gross pay of $1,420. She contributes $125 to a cafeteria plan during the period. Federal income tax withholding = $
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