PSb 3-7 Calculate Federal (Percentage Method), State, and Local Income Tax Withholding For each employee listed, use the percentage method to calculate federal income tax withholding. Then calculate both the state income tax 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 Armand Giroux (single; O federal withholding allowances) earned weekly gross pay of $1,485. For each period, he makes a 401(k) retirement plan contribution of 6% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 1.2% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.80% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 2: Peter Quigley (married: federal withholding allowances) earned weekly gross pay of $2,335. He contributes $80 to a flexible spending account during the period. The city in which he lives and works levies a tax of 2.3% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 1.5% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 3: Eric Belanger (married; 4 federal withholding allowances) eamed weekly gross pay of $1,215. 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 1.1% 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 = $ PSb 3-7 Calculate Federal (Percentage Method), State, and Local Income Tax Withholding For each employee listed, use the percentage method to calculate federal income tax withholding. Then calculate both the state income tax 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 Armand Giroux (single; O federal withholding allowances) earned weekly gross pay of $1,485. For each period, he makes a 401(k) retirement plan contribution of 6% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 1.2% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.80% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 2: Peter Quigley (married: federal withholding allowances) earned weekly gross pay of $2,335. He contributes $80 to a flexible spending account during the period. The city in which he lives and works levies a tax of 2.3% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 1.5% of an employee's taxable pay on nonresidents. Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 3: Eric Belanger (married; 4 federal withholding allowances) eamed weekly gross pay of $1,215. 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 1.1% 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 = $