Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fred's gross annual salary is $127,701 with biweekly paychecks. If he is single with one dependent child, compute the biweekly withholding his employer will send

Fred's gross annual salary is $127,701 with biweekly paychecks. If he is single with one dependent child, compute the biweekly withholding his employer will send to the IRS. Use the following information: 2021 Head of Household Person Biweekly Withholding Table Taxable Wages $0-$362 $362-$635 $635-$1,404 $1,404-$2,022 $2,022-$3,533 $3,533-$4,388 $4,388-$10,431 $0.00 Wages Withholding $0.00 plus 10% of amount exceeding $362 $27.30 plus 12% of amount exceeding $635 $119.58 plus 22% of amount exceeding $1,404 $255.54 plus 24% of amount exceeding $2,022 $618.18 plus 32% of amount exceeding $3,533 $891.78 plus 35% of amount exceeding $4,388 $3,006.83 plus 37% of amount exceeding $10,431 $10,431 or more Biweekly allowance: $165.38 per person

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Effective Controller In The 21st Century Accounting Strategies For Business Management

Authors: Yanyong Thammatucharee

1st Edition

1439217424, 978-1439217429

More Books

Students also viewed these Accounting questions