Problem 10-52 (LO 10-2) Henry, who earned $120,000 during 2020, is paid on a monthly basis, is married, (spouse does not work) and two dependents who are under the age of 17 Assume that Henry has only one job or that step 2 of Form W-4 is not checked. Also, his employer uses the percentage method table for an automated payroll system. Use percentage method tables for automated systems Required: a. What is Henry's federal tax withholding for each pay period? b. What is Henry's FICA withholding for each pay period? (For all requirements, round your intermediate computations and final answers to 2 decimal places.) Answer is not complete. Amount Federal tax withholdings Total FICA withholding b. 765.00 379 2020 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 carlier, 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.1 is NOT checked) Form W-4 IS checked) of the amount of the amount If the Adjusted Annual Wage If the Adjusted Annual Wage that the that the Amount (line 2a) is: Amount (line 2a) is: The tentative Adjusted The tentative Adjusted But less than amount to Plus this Annual Wage But less than amount to Plus this Annual Wage At least withhold is: percentage exceeds At least- withhold is: percentage- exceeds A D E A B D E Married Filling Jointly Married Filling Jointly SO $11.900 $0.00 0% $0 SO $ 12,400 $0.00 09 SO $11.900 $ 31,650 $0.00 104 $ 11 900 $ 12,400 $ 22.275 $ 0.00 105 5 12.400 $31.650 5 92.150 $ 1,975.00 1256 $31.650 $ 22,275 S $2.525 S 98750 124 $ 22.275 $ 92,150 $ 182950 $9,235.00 225 $ 92,150 $ 52.525 $97.925 54617.50 22 $52.325 S 182.950 $ 338.500 $29.211.00 2492 $ 182.950 $97.925 $ 175,200 $ 14,605 50 249 $97.925 $335.500 $426,00 566 543.00 325 5338 500 $ 175,700 $ 219,750 $ 33,271.50 329 $ 175,700 $426000 5633.950 $94.715.00 35% $ 426 600 $ 219,750 $ 323 425 $ 47,367 50 3395 $219.750 5633950 $167.107.50 $ 633.950 5323425 583653.75 37 $323425 Single or Married Filling Separately Single or Married Filling Separately 50 $300 50.00 50 SO 56,200 $0.00 040 SO $ 3.800 513675 $ 0.00 104 $300 $6,200 $11.138 $0.00 105 56,200 $13675 $43.925 598750 124 $13.575 $11,138 5.26.263 $493.75 129 $11.138 543925 $89.325 5461750 22 $43.925 $26,263 $ 48,963 S 2.308.75 22. $ 26,263 $89,325 $ 167100 S14s 50 249 589.325 $46963 587850 $ 7,302.75 24 $ 48,963 3767,100 $211,150 $ 3.27150 320 $167.100 $ 87,850 $ 109 875 $ 16635.75 329 587850 $211.150 $ 522,200 $ 47,367.50 359 $ 211,150 S 109.375 $ 265 400 523683.75 35 5 109.875 5522 200 $ 156,235 00 374 S522.200 S 265 400 $78.117.50 379 $ 265.400 Head of Household Head of Household SO $10.050 50.00 0% SO $0 $9.325 SODO 0 SO S 1000 $ 24,150 $0.00 10% $ 10,050 $9,325 $ 16,375 S000 10% 524.150 59,325 $63.750 S1410.00 12 $ 24,150 $ 16,375 $36.175 $ 705.00 124 563.750 595550 56.162.00 $ 16,375 229 $ 63,750 $36,175 S52.075 S 308100 $95550 225 $ 173,350 $ 13,158.00 $36,175 249 $95.350 $52075 $ 90,975 S6579,00 249 5 173,350 5217400 $31830.00 S52.075 $ 173,350 $ 90.975 $ 113.000 $15.915.00 5217400 5528 ASO $ 45.926.00 35% 5 90975 $217.400 $ 113000 S 268.525 $ 22.963.00 35 5 528.450 5 154.793 50 375 S 113.000 $ 528 450 5.268 525 $ 77,396.75 3790 S268 525
