Question

Joseph Farmer earned $123,800 in 2018 for a company in Kentucky. He is single with one...

Joseph Farmer earned $123,800 in 2018 for a company in Kentucky. He is single with one withholding allowance and is paid annually. The FUTA rate in Kentucky for 2018 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $10,200. Use the percentage method withholding tables in Appendix C and the state information in Appendix D. Use Figure 5.3. Need help to how calculate the federal income tax withholding.

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Answer #1
Gross Earnings        123,800
Less: Withholding allowances              4,200
Earning liable for Withholding tax        119,600
From Appendix C
Above $ 88,000        7,584.00 (119,600 - 88,000 ) x 24%
Upto $ 88,000      14,382.50
Total Federal income Withholding tax $ 21,966.50
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