PSa 3-7 Calculate Federal (Percentage Method), State, and Local Income Tax Withholding For each employee isted use the percentage method to calculate federal income tax withholding Then calculate both the state income tax withholding assuming a state tax rate of 50% of taxate pay, with taxable pay being the same for federal and state income tax withholding and the local income tax withing Refer to Appendix A 2018 Federal Tax Tables in your textbook NOTE: For simplicity calculations throughout this exercise, both intermediate and should be founded to decina pace each calculation 1 Watter Ferrel (married 4 federal withholding lowances) earned weeklygio pay of $1.030. For each period, he makes a 4010) retwement plan contribution of 14% of gross pay The city in which he works the lives where is a tax of of an employees table pay which the same for federal local income tax withholding on residents and 11 of an employee's pay on residents Federal income tax w ings State come tax wholdings LOC come tax withings s Lucas Sedaris married 3 federal w i ng allowances and weekly gross pay of $2.500 e $150 during the period Theoty in which he lives and wor e a tax of of an employee's who went and 24 of an emos y on roses inebe spending account, to which he continues Day (which is the same for federal local income tax Federal come tax withholdings State income tax withholdings Local income tax withholdings Danes Rogermamed, 6 federal wholding allowances) camed w ygross pay of 51.540 He does not request that any volay deductions be made from his gross pay The city which he lives and works levies a tax of 25 of an employees taxable pay (which is the same for federal and local income tax w ho on both residents and nones dents Federal income tax withholdings State income tax hodings Local income w ings For each employee sted, use the percentage method to calculate federal income tax withholding. Then calculate both the state income tax withholding assuming a state tax rate of 50% of tascable pay, with taxable pay being the same for federal and state income tax w holding and the local income tax w holding Refer to Appendix A 2018 Federal Tax Tables in your textbook NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final should be rounded to two decimal places at each calculation Walter Ferrel (married, 4 federal withholding allowances) eamed weekly gross pay of $1,030. For each period, he makes a 401(K) retirement plan contribution of 14% of gross pay. The city in which he works (he lives elsewhere) leves a tax of 13% of an employee's taxable pay (which is the same for federal and local income tax withholding on residents, and 1.1% of an employee's cable pay on nonresidents Federal income tax withholdings State income tax withholding = $ Local income tax withholdings 2: Lucas Sedans married, 3 federal withholding allowances) eamed weekly gross pay of $2.500. He participates in a flexible spending account to which he contributes $150 during the period. The city in which he lives and works levies a tax of 3.1% of an employee's taxable pay (which is the same for federal and local income tax withholding on residents and 24% of an employee's cable pay on nonresidents Federal income tax withholdings State income tax withholdings Local income tax withholding - 5 3 Darrell Roper mamed 6 federal withholding allowances) eamed weekly gross pay of $1,540 He does not request that any voluntary deductions be made from his gross pay The city in which he lives and works levies a tax of 25% of an employee's acable pay (which is the same for federal and local income tax withholding on both Federal income tax withholdings State income tax withholdings Local income tax withholding - 5 4: Giuseppe Fortuna (single, 2 federal withholding allowances) earned weekly gross pay of $3,020 He participates in a cafeteria plan, to which he pays $175 during the period The city in which he works levies a tax of $13week on employees who work within city limits PSa 3-7 Calculate Federal (Percentage Method), State, and Local Income Tax Withholding For each employee isted use the percentage method to calculate federal income tax withholding Then calculate both the state income tax withholding assuming a state tax rate of 50% of taxate pay, with taxable pay being the same for federal and state income tax withholding and the local income tax withing Refer to Appendix A 2018 Federal Tax Tables in your textbook NOTE: For simplicity calculations throughout this exercise, both intermediate and should be founded to decina pace each calculation 1 Watter Ferrel (married 4 federal withholding lowances) earned weeklygio pay of $1.030. For each period, he makes a 4010) retwement plan contribution of 14% of gross pay The city in which he works the lives where is a tax of of an employees table pay which the same for federal local income tax withholding on residents and 11 of an employee's pay on residents Federal income tax w ings State come tax wholdings LOC come tax withings s Lucas Sedaris married 3 federal w i ng allowances and weekly gross pay of $2.500 e $150 during the period Theoty in which he lives and wor e a tax of of an employee's who went and 24 of an emos y on roses inebe spending account, to which he continues Day (which is the same for federal local income tax Federal come tax withholdings State income tax withholdings Local income tax withholdings Danes Rogermamed, 6 federal wholding allowances) camed w ygross pay of 51.540 He does not request that any volay deductions be made from his gross pay The city which he lives and works levies a tax of 25 of an employees taxable pay (which is the same for federal and local income tax w ho on both residents and nones dents Federal income tax withholdings State income tax hodings Local income w ings For each employee sted, use the percentage method to calculate federal income tax withholding. Then calculate both the state income tax withholding assuming a state tax rate of 50% of tascable pay, with taxable pay being the same for federal and state income tax w holding and the local income tax w holding Refer to Appendix A 2018 Federal Tax Tables in your textbook NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final should be rounded to two decimal places at each calculation Walter Ferrel (married, 4 federal withholding allowances) eamed weekly gross pay of $1,030. For each period, he makes a 401(K) retirement plan contribution of 14% of gross pay. The city in which he works (he lives elsewhere) leves a tax of 13% of an employee's taxable pay (which is the same for federal and local income tax withholding on residents, and 1.1% of an employee's cable pay on nonresidents Federal income tax withholdings State income tax withholding = $ Local income tax withholdings 2: Lucas Sedans married, 3 federal withholding allowances) eamed weekly gross pay of $2.500. He participates in a flexible spending account to which he contributes $150 during the period. The city in which he lives and works levies a tax of 3.1% of an employee's taxable pay (which is the same for federal and local income tax withholding on residents and 24% of an employee's cable pay on nonresidents Federal income tax withholdings State income tax withholdings Local income tax withholding - 5 3 Darrell Roper mamed 6 federal withholding allowances) eamed weekly gross pay of $1,540 He does not request that any voluntary deductions be made from his gross pay The city in which he lives and works levies a tax of 25% of an employee's acable pay (which is the same for federal and local income tax withholding on both Federal income tax withholdings State income tax withholdings Local income tax withholding - 5 4: Giuseppe Fortuna (single, 2 federal withholding allowances) earned weekly gross pay of $3,020 He participates in a cafeteria plan, to which he pays $175 during the period The city in which he works levies a tax of $13week on employees who work within city limits