Question
Olga earned $1,350.00 during the most recent weekly pay period. She is single with 2 withholding allowances and no pre-tax deductions. Using the percentage method,
Olga earned $1,350.00 during the most recent weekly pay period. She is single with 2 withholding allowances and no pre-tax deductions. Using the percentage method, compute Olgas federal income tax for the period. (Do not round intermediate calculations. Round final answer to 2 decimal places.)
Table 5. Percentage Method-2018 Amount for one Withholding Allowance
| Payroll Period | One Withholding Allowance |
| Weekly | $79.80 |
| Biweekly | 159.60 |
| Semimonthly | 172.90 |
| Monthly | 345.80 |
| Quarterly | 1,037.50 |
| Semiannually | 2,075.00 |
| Annually | 4,150.00 |
| Daily or miscellaneous (each day of the payroll period) | 16.00 |
| Percentage Method Tables for Income Tax Withholding | |||||||||||||||||||||||||
| (For Wages Paid in 2018) | |||||||||||||||||||||||||
| TABLE 1-WEEKLY Payroll Period | |||||||||||||||||||||||||
| (a) SINGLE person (including head of household) | (b) MARRIED person | ||||||||||||||||||||||||
| If the amount of wages (after subtracting withholding allowances) is: | The amount of income tax to withhold is: | If the amount of wages (after subtracting withholding allowances) is: | The amount of income tax to withhold is: | ||||||||||||||||||||||
| Not over $71...... | $0 | Not over $222...... | $0 | ||||||||||||||||||||||
| Over | But not over | of excess over | Over | But not over | of excess over | ||||||||||||||||||||
| $ | 71 | $ | 254 | $ | 0.00 plus 10 | % | $ | 71 | $ | 222 | $ | 588 | $ | 0.00 plus 10 | % | $ | 222 | ||||||||
| $ | 254 | $ | 815 | $ | 18.30 plus 12 | % | $ | 254 | $ | 588 | $ | 1,711 | $ | 36.60 plus 12 | % | $ | 588 | ||||||||
| $ | 815 | $ | 1,658 | $ | 85.62 plus 22 | % | $ | 815 | $ | 1,711 | $ | 3,395 | $ | 171.36 plus 22 | % | $ | 1,711 | ||||||||
| $ | 1,658 | $ | 3,100 | $ | 271.07 plus 24 | % | $ | 1,658 | $ | 3,395 | $ | 6,280 | $ | 541.84 plus 24 | % | $ | 3,395 | ||||||||
| $ | 3,100 | $ | 3,917 | $ | 617.16 plus 32 | % | $ | 3,100 | $ | 6,280 | $ | 7,914 | $ | 1,234,24 plus 32 | % | $ | 6,280 | ||||||||
| $ | 3,917 | $ | 9,687 | $ | 878.60 plus 35 | % | $ | 3,917 | $ | 7,914 | $ | 11,761 | $ | 1,757.12 plus 35 | % | $ | 7,914 | ||||||||
| $ | 9,687 | $ | 2,898.10 plus 37 | % | $ | 9,687 | $ | 11,761 | $ | 3,103.57 plus 37 | % | $ | 11,761 | ||||||||||||
Multiple Choice
-
$187.69
-
$249.01
-
$168.21
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$224.51
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IT Auditing Using Controls To Protect Information Assets
Authors: Chris Davis, Mike Schiller, Kevin Wheeler
3rd Edition
1260453227, 978-1260453225
