PSb 3-6 Calculate Federal (Wage-Bracket Method), State, and Local Income Tax Withholding

PSb 3-6 Calculate Federal (Wage-Bracket Method), State, and Local Income Tax Withholding For each employee listed, use the wage-bracket method to calculate federal income tax withholding. Then calculate both the state income withholding (assuming a state tax rate of 5.0% of taxable pay, with taxable pay being the same for federal and state income tax withholding), and the local income tax withholding. Refer to the Federal Tax Tables in Appendix A of your textbook. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Jay Monroe (single; 2 federal withholding allowances) earned weekly gross pay of $1,170. For each period, he makes a 401(k) retirement plan contribution of 11.5% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 2.1% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 1.6% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 2: Gus Damon (married; 9 federal withholding allowances) earned weekly gross pay of $1,260. He contributes $115 to a flexible spending account during the period. The city in which he lives and works levies a tax of 2.9% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.25% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 3: Kenneth Riley (single; o federal withholding allowances) earned weekly gross pay of $1,000. For each period, he makes a 403(b) retirement plan contribution of 5% of gross pay. The city in which he lives and works levies a tax of 1.7% of an employee's taxable pay (which is the same for federal and local income tax withholding) on both residents and nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 4: Ross McMichael (married; 2 federal withholding allowances) earned weekly gross pay of $940. He pays $65 to a cafeteria plan during the period. The city in which he works levies a tax of $9/week on employees who work within city limits. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $