Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Len Mast earned $3,200 in the last 2 weeks. He is married, is paid biweekly, and claims 3 exemptions What is Len's FT? Use the

image text in transcribed
image text in transcribed
image text in transcribed
Len Mast earned $3,200 in the last 2 weeks. He is married, is paid biweekly, and claims 3 exemptions What is Len's FT? Use the percentage method. (Use Table 71 and Table 72 (Round your answer to the nearest cent) FIT Percentage Method Tables for Income Tax Withholding TABLE 1-WEEKLY Payroll Period (a) SINGLE person (including head of household (b) MARRIED person- If the amount of wages If the amount of wages (after subtracting The amount of income tax (after subtracting The amount of income tax withholding allowances) is: to withhold is: withholding allowances) is to withhold is Not over $46 SO Not over $165 SO Over But not over of excess over Over But not over of excess over $44 - $222 $0.00 plus 10% -$44 $165 - $520 $0.00 plus 10% -5165 $222 ---$764 $17.80 plus 15% -$222 $520 -$1.606 $35.50 plus 15% -$520 $784 $1,789 $99.10 plus 25% -$764 $1.605 -$3,073 $198.40 plus 25% -$1,800 $1,780 -- $3,685 $355,35 plus 28% -31,789 $3,073 -$4,597 $565.15 plus 28% -$3.073 $3,685 -$7.958 5836.23 plus 33% --53,685 $4.507 -$8.079 $991.87 plus 33% -$4.597 $7.958 -$7.990 $2.296 32 plus 35% -37,958 $8.079 -$9.105 $2.140.93 plus 35% -58,079 $7.990 52 307 52 plus 39.6% - 37.990 $9,105 $2.500 03 plus 39.6% -$9,105 TABLE 2-BIWEEKLY Payroll Period (a) SINGLE person (including head of household (b) MARRIED person- If the amount of wages If the amount of wages (after subtracting The amount of income tax Caller subtracting The amount of income tax withholding allowances) to withholdis: withholding allowances) is: to withhold is Not over SBB $0 Not Over $331 50 Over But not over of excess over Over But not over of excess over S88 -$443 $000 plus 10% -588 $331 --$1,040 $0.00 plus 10% -$331 $443 -$1,529 $35 50 plus 15% -5443 $1.040 -$3.212 $70 90 plus 15% -$1.040 $1,529 -$3,579 $198.40 plus 25% -31.529 $3212 - $6.146 $396.70 plus 25% --$3.212 $3,579 -$7,389 $710.90 plus 28% --33.579 56.146 -$9,194 $1,130 20 plus 28% -$8,146 $7,369 -$15,915 $1.772.10 plus 33% -37.369 $9,194 -$16,158 $1,983.64 plus 33% -$9,194 $15.915 -$15.981 $4.582.28 plus 35% -$15.915 $16.158 -$18.210 $4,281.76 plus 35% -516,158 $15 981 54 615 38 plus 39.6% -$15.981 $18 210 $4 999 96 plus 39.8% -318.210 TABLE SEMIMONTHLY Payroll Period (a) SINGLE person (including head of household (b) MARRIED person- it the amount of wages the amount of wages (after subtracting The amount of income tax (after subtracting The amount of income tax withholding allowances) is: to withhold is withholding allowances) is: withholdis: Not over $90 30 Not Over $358 $0 Over But not over- of excess over-Over But not over of excess over $90 --$480 $0.00 plus 10% $06 $358 -$1.127 $0.00 plus 10% $358 $480 -$1,656 $38.40 plus 15% -$480 $1,127 -$3,479 $78.90 plus 15% -$1,127 $1,656 -$3,877 $214.80 plus 25% -51.656 $3.479 --S6,658 5429.70 plus 25% -$3.479 $3,877 -S7.583 5770.05 plus 28% -33.877 56,658 -$9.960 $1.224.45 plus 28% -$5,658 $7.983 -517.242 51919.73 plus 33% - 37.983 $9.950 -$17.500 $2.149,01 plus 33% -59.950 517242 -517,313 $4975.20 plus 35% -517,242) $17.504 $19,727 $4.638.53 plus 35% -$17.504 $17,313 55000.05 plus 39.6% $17,313 $19.727 $5,416 58 plus 39.8% -519.727 TABLE 4 MONTHLY Payroll Period (*) SINGLE person Including head of household (b) MARRIED person- the amount of wages at the amount of wages (after subtracting The amount of income Caher subtracting The amount of income tax withholding allowances) to withholdis: withholding allowance is to withholdi Not over 5182 50 Not Over 5717 0 Over But not over of excess over Over But not over of excess over $192 -$900 5000 plus 10% -$192 $717 -$2,254 $0.00 plus 10% -$717 $960 -$3,313 $75 80 plus 15% -5000 $2254 $6,958 $153.70 plus 15% -$2,254 $3.313 $429.75 plus 25% -33,313 $6.958 -$13,317 5859 30 plus 25% -$6.958 $7.754 -$15,967 51540.00 plus 20% 57,754 $13,317 -$19.921 $2,449 05 plus 28 $13.317 $15.907 $34 483 $3.839 64 plus 33% -$15.00 $19.921 -$35,000 14.295.17 plus 30 -$19.921 $34.483 -$34.625 $9.940 82 plus 35% $34,483 $35.008 -$39.454 $9.278 88 plus 35% $35,008 $34.625 $9.990 62 plus 39.6% -$34,625 $39.454 $10.882 98 plus 39.6% Payroll Period Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of the payroll period) One Withholding Allowance $ 76.90 153.80 166.70 333.30 1,000.00 2,000.00 4,000.00 15.40

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

Advanced Management Accounting

Authors: Tom Groot, Frank Selto

1st Edition

0273730185, 978-0273730187

More Books

Students also viewed these Accounting questions

Question

How is social networking used in informal training?

Answered: 1 week ago

Question

What are some career development methods?

Answered: 1 week ago