Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Morgan is paid $2,616.35 per week. What is the amount of federal income tax withheld from Morgan's paycheck under the following conditions? Assume that Morgan

image text in transcribed

Morgan is paid $2,616.35 per week. What is the amount of federal income tax withheld from Morgan's paycheck under the following conditions? Assume that Morgan has only one job or that step 2 of Form W-4 is not checked. Also, her employer uses the Percentage Method Tables for Automated Systems. Use percentage method tables for automated systems. Required: a. Morgan is single and no dependents. b. Morgan is married (spouse does not work) and claims two dependents who are under the age of 17. c. Morgan is single, claims no dependents, but wants $50 in additional withholding. Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. Amount a. Federal income tax withholdings b. Federal income tax withholdings c. Federal income tax withholdings 2021 Percentage Method Tables for Automated Payroll Systems STANDARD Withholding Rate Schedules Form W-4, Step 2. Checkbox, Withholding Rate Schedules (Use these if the Form W-4 is from 2019 or earlier, or if the Form W-4 is (Use these if the Form W-4 is from 2020 or later and the box in Step 2 of from 2020 or later and the box in Step 2 of Form W-4 is NOT checked) Form W-4 IS checked) of the of the If the Adjusted Annual amount If the Adjusted Annual amount Wage Amount (line 2a) that the Wage Amount (line 2a) that the is: The Adjusted The Adjusted tentative Plus this Annual tentative Plus this Annual But less amount to percentage Wage But less amount to percentage Wage At least- than- withhold is: exceeds At least than- withhold is: exceeds A B D E A B D E Married Filling Jointly Married Filling Jointly SO S 12.200 S0.00 0% SO SO S 12.550 S 0,00 0% SO S 12.200 S 32.100 $0.00 10% S 12.200 S 12,550 S 22.500 S 0.00 10% S 12,550 $ 32,100 S 93.250 $ 1.990.00 12% S 32,100 S 22.500 $ 53,075 S 995.00 12% S 22.500 $ 93,250 S 184,950 $9,328.00 22% $ 93,250 S 53,075 $ 98,925 4,664.00 22 $ 53,075 $184.950 S 342.050 $ 29,502.00 24% $184.950 S 98,925 S 177,475 S 14.751.00 24% S 98.925 S 342.050 S431.050 S 67.206.00 32% $ 342,050 S 177,475 S221.975 S 33.603.00 32% S 177.475 $ 431.050 S 640,500 S 95,686.00 35% $ 431.050 S 221,975 S 326,700 $ 47,843.00 35% S 221.975 S 640,500 S 168,993,50 37% S 640,500 S 326,700 S 84,496,75 37% S 326,700 Single or Married Filling Separately Single or Married Filling Separately SO $ 3,950 S 0.00 06 SO SO S 6.275 $ 0.00 0% SO $ 3.950 S 13.900 S 0.00 $ 3,950 S 6,275 S 11.250 S 0.00 10% S 6.275 S 13,900 S 44,475 S 995.00 12% S 13,900 S 11.250 S 26,538 S 497.50 12% S 11.250 S 44,475 S 90.325 $ 4.664.00 22% S 44,475 S 26,538 $ 49,463 S 2.332.00 22% S 26,538 S 90,325 S 168,875 S 14.751.00 24% S 90.325 S 49,463 S88,738 S 7,375.50 24% S 49,463 S 168.875 S213,375 S 33,603.00 32% $ 168.875 S88,738 S 110.988 S 16.801.50 32% S 88.738 S213,375 S 527,550 $ 47,843.00 35% $213.375 S 110,988 S 268,075 $ 23,921.50 35% S 110.988 S 527,550 S 157,804.25 37% $ 527,550 S 268,075 $ 78,902.13 37% S 268.075 10%

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

Intermediate Accounting

Authors: James D. Stice, Earl K. Stice, Fred Skousen

16th Edition

324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140

Students also viewed these Accounting questions