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Chapter 4 Problems eBook Show Me How Print Item Example 4-2 To compute the tax using the percentage method, follow the steps illustrated below. Step 1 Determine the amount of gross wages earned, marital status, number of allowances, and frequency of pay. Note: If the wage Wilson Goodman, single, claims two allowances and earns ends in a fractional dollar amount, the wage may be rounded to the $915.60 semimonthly. nearest dollar. However, in this text, exact wages are used. Step 2 Multiply the number of allowances claimed by the amount of one Table of Allowance Values for semimonthly payroll period allowance for the appropriate payroll period, as shown in the Table shows $175.00. of Allowance Values in Figure 4.6. Multiply $175.00 x 2 = $350.00 Step 3 Subtract the amount for the number of allowances claimed from the Gross pay $915.60 employee's gross pay to find the excess of wages over allowances Less: Allowances 350.00 claimed. Excess wa $565.60 Step 4 Compute tax from Tax Table 3(a), page T-3. Determine the withholding tax on the excess of wages over allowances claimed by referring to the appropriate Percentage Method Withholding Table ($565.60 - $563.00 = $2.60 x 12% = $0.31 + $40.50) =Chapter 4 Problems eBook Show Me How Print Item Example 4-3 To use the wage-bracket method, follow the steps illustrated below. Step 1 Select the withholding table that applies to the Adrienne Huff is married and claims 3 allowances. She is paid weekly employee's marital status and pay period. at a rate of $815. Step 2 Locate the wage bracket (the first two columns of the table) in which the employee's gross wages fall. Locate the appropriate wage bracket (see Figure 4.7): At least $810 but less than $821 Step 3 Follow the line for the wage bracket across to the right to the column showing the appropriate number of Move across the line to the column showing 3 allowances. allowances. Withhold this amount of tax. The tax to withhold is $35. Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Click here to access the Table of Allowance Values. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. Amount to BeChapter 4 Problems eBook Show Me How Print Item use (a) the percentage method and (D) the wage-bracket method to compute the federal Income taxes to withhold from the wages of salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Click here to access the Table of Allowance Values. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. Amount to Be Withheld No. of Marital Withholding Gross Wage Percentage Wage-Bracket Employee Status Allowances or Salary Method Method Corn, A. M $675 weekly $ 49 X $ 49 X Fogge, P. M 9 1,960 weekly 321 X Must use percentage method Felps, S. M O 1,775 biweekly 35 X 35 X Carson, W. M 2,580 semimonthly 87 X 87 X Helm, M. M 4 5,380 monthly 299 X Must use percentage method v Feedback Check My Work a. Use Percentage Method Tables to calculate federal income taxes withheld using marital status and number of withholding allowances. Note: Multiply No. of withholding allowances by the appropriate allowance amount using Table of Allowance Values. b. Use Wage-Bracket Tables. At this point check your work by comparing parts a & b; these amounts should be very similar