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Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2023 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2022 federal income tax tables for Manual Systems with Forms W-4 from 2020 or Later with Standard Withholding and 2022 FICA rates have been used. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. Amount to Be Withheld No. of Filing Withholding Gross Wage Percentage Employee Status Allowances or Salary Method Wage-Bracket Method Lennon, A. MFJ N/A $675 weekly 48.64 X 17.00 X Starr, P. S N/A 1,365 weekly 166.94 X 162.00 McNeil, S. S N/A 1,775 biweekly 83.34 X 253.00 X Harrison, W. S N/A 2,580 semimonthly 157.18 X 290.00 X Smythe, M. HH 44 N/A 5,380 monthly 364.64 X 426.00
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