Problem 1 For each employee listed in the table below 1. Identify which method should be used to determine the employee's federal income tax: the wage-bracket method (WB) or the percentage method (P). Type WB or P" in the column provided. 2. Determine the amount of income tax to withhold for each employee. Use the wage- bracket method (WB) where possible, use the percentage method (P) only if the wage- bracket method is not available. Enter the tax, rounded to the nearest cent in the column provided. Employees are paid biweekly. Use the wage bracket tables and percentage formulas in your textbook. For employees that completed a 2020 W-4, assume standard withholding (no checkbox). Employee FIT Year W-4 Method Used Completed (WB or P) Jewel Clark, (single), $955 wages 2020 2017 Mary Lucena (married, 4 allowances), $1,375 wages 2015 Jody McDaly (single, 1 allowance), $6,531 wages 2020 Pedro Albers (married filing jointly), $1,815 wages Hui Sinclair (single), $6,758 wages 2020 Show your calculations for FIT determined using the percentage method below. If you don't show your work, I can only mark your answer as correct or incorrect - I can't award partial credit or provide feedback. Problem 2 Mettsa Company wants to give Pedro Albers a $300 bonus. The company wants to make sure Pedro receives $300 after taxes are taken out. Assume the company uses the flat rate method to withhold federal income taxes from supplemental wages and that Pedro's earnings are subject to federal income tax, social security tax, and medicare tax. What is the total amount, before taxes, Mettsa Company should award Pedro? Round your final answer to the nearest cent and show your work. Problem 3 Jill, a waitress, submitted form 4070 to her employer on March 8, 2020, reporting the tips she'd received from customers in the month of February. Form 4070 showed $1,452 in cash tips received. Jill also earned $568 in wages for the pay period ending March 8. Jill's earnings are subject to federal income tax, social security tax, and medicare tax and her employer pays her weekly Assuming Jill was hired in 2019, is single, and claims one allowance, what is the amount of the paycheck Jill will receive from her employer for the pay period ending March 8, 2020? Round your final answer to the nearest cent and show your work. w Problem 1 For each employee listed in the table below 1. Identify which method should be used to determine the employee's federal income tax: the wage-bracket method (WB) or the percentage method (P). Type WB or P" in the column provided. 2. Determine the amount of income tax to withhold for each employee. Use the wage- bracket method (WB) where possible, use the percentage method (P) only if the wage- bracket method is not available. Enter the tax, rounded to the nearest cent in the column provided. Employees are paid biweekly. Use the wage bracket tables and percentage formulas in your textbook. For employees that completed a 2020 W-4, assume standard withholding (no checkbox). Employee FIT Year W-4 Method Used Completed (WB or P) Jewel Clark, (single), $955 wages 2020 2017 Mary Lucena (married, 4 allowances), $1,375 wages 2015 Jody McDaly (single, 1 allowance), $6,531 wages 2020 Pedro Albers (married filing jointly), $1,815 wages Hui Sinclair (single), $6,758 wages 2020 Show your calculations for FIT determined using the percentage method below. If you don't show your work, I can only mark your answer as correct or incorrect - I can't award partial credit or provide feedback. Problem 2 Mettsa Company wants to give Pedro Albers a $300 bonus. The company wants to make sure Pedro receives $300 after taxes are taken out. Assume the company uses the flat rate method to withhold federal income taxes from supplemental wages and that Pedro's earnings are subject to federal income tax, social security tax, and medicare tax. What is the total amount, before taxes, Mettsa Company should award Pedro? Round your final answer to the nearest cent and show your work. Problem 3 Jill, a waitress, submitted form 4070 to her employer on March 8, 2020, reporting the tips she'd received from customers in the month of February. Form 4070 showed $1,452 in cash tips received. Jill also earned $568 in wages for the pay period ending March 8. Jill's earnings are subject to federal income tax, social security tax, and medicare tax and her employer pays her weekly Assuming Jill was hired in 2019, is single, and claims one allowance, what is the amount of the paycheck Jill will receive from her employer for the pay period ending March 8, 2020? Round your final answer to the nearest cent and show your work. w
