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Julio is single with 1 withholding allowance. He earned $1,145.00 during the most recent semimonthly pay period. He needs to decide between contributing 3% and
Julio is single with 1 withholding allowance. He earned $1,145.00 during the most recent semimonthly pay period. He needs to decide between contributing 3% and $34 to his 401(k) plan. If he chooses the method that results in the lowest taxable income, how much will be withheld for Federal income tax (based on the following table)?
OOOOO Wage Bracket Method Tables for Income Tax Withholding SINGLE Persons-SEMIMONTHLY Payroll Period (For Wages Paid through December 2019) And the wages And the number of withholding allowances claimed is- are But 0 1 2 3 4 5 6 7 8 9 10 At less least The amount of income tax to be withheld is- than $ 810 $ 830 $ 71 $ 50 $ 31 $ 14 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 830 850 74 53 33 16 0 0 0 0 0 850 870 76 55 35 18 0 0 0 0 0 0 870 890 79 58 37 20 2 0 0 0 0 0 890 910 81 60 22 4 0 0 0 0 0 0 910 930 83 62 41 24 6 0 0 0 930 950 86 65 44 26 8 0 0 0 0 0 0 950 970 88 67 46 28 10 0 0 0 0 970 990 91 70 49 30 12 0 0 0 0 0 990 1,010 93 72 51 32 14 0 0 0 0 0 0 1010 1,030 95 74 53 34 16 0 0 0 0 0 0 1030 1,050 98 77 56 36 18 1 0 0 0 0 0 1050 1,070 100 79 58 38 20 3 0 0 0 0 0 1070 1,090 103 82 61 40 22 5 0 0 0 0 0 1090 1, 110 105 84 63 42 24 7 0 0 0 0 1110 1,130 107 86 65 45 26 9 0 0 0 0 1130 1,150 110 89 68 47 28 11 0 0 0 1150 1,170 112 91 70 49 30 13 0 0 0 0 0 1170 1,190 115 94 73 52 32 15 0 0 0 0 1190 1,210 117 96 75 54 34 17 0 0 0 0 0 1210 1,230 119 98 77 57 36 19 2 0 0 0 0 nHp9n3 o Co OOOOOO Nooooooo oooooooooooo 1 OOOOOOOO OOOOOOOOOO 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 77 80 82 85 87 89 92 94 97 99 101 104 106 108 111 114 116 119 121 123 125 128 130 0 0 57 59 61 64 66 69 71 73 76 78 81 83 85 88 90 93 95 97 100 102 105 107 109 0 0 0 1,230 1,250 1,270 1,290 1,310 1,330 1,350 1,370 1,390 1,410 1,430 1,450 1,470 1,490 1,510 1,530 1,550 1,570 1,590 1,610 1,630 1,650 1,670 1,690 1,710 1,730 1,750 1,770 1,790 0 1210 1230 1250 1270 1290 1310 1330 1350 1370 1390 1410 1430 1450 1470 1490 1510 1530 1550 1570 1590 1610 1630 1650 1670 1690 1710 1730 1750 1770 170 0 0 119 122 124 127 129 131 134 136 139 141 143 146 148 151 153 155 158 160 163 165 167 170 172 175 177 179 182 184 187 100 0 98 101 103 106 108 110 113 115 118 120 122 125 127 130 132 134 137 139 142 144 146 149 151 154 156 158 161 163 166 160 36 38 41 43 45 48 50 53 55 57 60 62 65 67 69 72 74 77 79 81 84 86 89 91 93 96 98 101 103 105 19 21 23 25 27 29 31 33 35 37 39 41 44 46 49 51 53 56 58 61 63 65 68 70 73 75 77 80 82 05 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 45 47 49 52 54 57 59 61 0 0 0 0 0 0 1 3 5 7 0 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 12 0 uw 0 0 0 0 0 0 9 1 132 112 0 135 137 140 142 144 147 114 117 119 121 124 11 13 15 17 19 21 23 25 OO ANOOOO 2 4 1 01 176 61 w 0 0 2 4 114 117 119 121 124 126 129 131 133 136 %8888 1690 1710 1730 1750 1770 1790 1810 1830 1850 1870 1890 1910 1930 1950 1970 1990 2010 2030 2050 2070 2090 2110 2130 1,710 1,730 1,750 1,770 1,790 1,810 1,830 1,850 1,870 1,890 1,910 1,930 1,950 1,970 1,990 2,010 2,030 2,050 2,070 2,090 2,110 2,130 2,150 177 179 182 184 187 189 193 197 202 206 211 215 219 224 228 233 237 241 246 250 255 259 263 138 156 158 161 163 166 168 170 173 175 178 180 182 185 187 194 199 203 207 212 216 219 221 225 135 137 140 142 144 147 149 152 154 156 159 161 164 166 168 171 173 176 178 180 183 185 189 73 75 77 80 82 85 87 89 92 94 97 99 101 104 106 109 111 93 96 98 101 103 105 108 110 113 115 117 120 122 125 127 129 132 134 137 139 141 144 146 52 54 57 59 61 64 66 69 71 73 76 78 81 83 85 8558a 881%a888%889%89 35 37 39 41 43 46 48 50 53 55 58 60 62 65 67 70 72 74 141 143 145 148 150 153 155 157 160 162 165 167 B4B9%88888866%98% 15 17 19 21 23 25 27 29 31 33 35 37 39 42 44 46 49 51 54 56 58 61 63 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 000000000013579uBSM9a8 11 113 116 118 121 123 125 90 93 95 97 100 102 105 79 82 84 21 23 25 90.00 87.00 80.00 Both yield the same tax amountStep by Step Solution
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