Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

John Woods' weekly gross earnings for the present week were $2,500. Woods has two exemptions. Single person (including head of household) If amount of

image text in transcribed

John Woods' weekly gross earnings for the present week were $2,500. Woods has two exemptions. Single person (including head of household) If amount of wages (after subtracting withholding allowance) is: Not over $43 The amount of income tax withholding is: $0 Over- But not over- of excess over- $43 $222 -$222$0.00 plus 10%. -$767$17.90 plus 15% -$43 -$222 $767 -$1,796.$99.65 plus 25% -$767 $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% 1 -$7,992 $8,025 $2,317.93 plus 39.6 % -$8,025 Using an $80 value for each exemption and the tax rate schedule above, what is Woods' federal income tax withholding? Round your answer to two decimal places. 536.23 X

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

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M. Datar, George Foster

12th edition

131495380, 978-0131495388

More Books

Students also viewed these Accounting questions