Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Olga earned $1,750.00 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 $1,750.00 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
-
$275.69
-
$337.01
-
$256.21
-
$312.51
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started