PSc 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 withhalding (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 come tax withholding. Ref to App i A 2017 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. 1: Frank Claiborne (married; 5 federal withholding allowances) eamed weekly gross pay of $2,050. For each period, he of gross pay. The city in which he works he lives elsewhere levies a tax of 1.5% of an employee's taxable pay which is the withholding) on residents, and 1.4% of an employee's taxable pay on nonresidents. makes a 401(k) retirement plan contribution of 12% same for federal and local income tax Federal income tax withholding State income tax withholding S Local income tax withholding S 2: Douglass Lyons (married; 2 federal withholding allowances) earned weekly gross pay of $3,825. He participates in a flexible spending account, to which he contributes $275 during the period. The city in which he lives and works levies a tax of 3.2% of an employee's taxable pay which is the same for federal and local in withholding) on residents and 0.8% of an employee's taxable pay on nonresidents me t Federal income tax withholding State income tax withholding = S- Local income tax withholding$ 3: David Maloney (married:, 7 federal withholding allowances) earned weekly gross pay of $1,300. He does not requ 3: e does not request that any voluntary deductions be made from his % of an employee's taxable pay (which is the same for federal and local income tax withholding) on both gross pay. The city in which he lives and works evies a tax of 1.9 residents and nonresidents 04PM uesday Qt 2/13/2013 Type here to search