Question

Wynne and Associates has employees with pay schedules that vary based on job classification. Compute the...

Wynne and Associates has employees with pay schedules that vary based on job classification. Compute the Federal income tax withholding for each employee using the percentage method in Employee Marital Status No. of Exemptions Pay Frequency Pay Amount Percentage Method S. Turner S 1 Weekly $3,000 D. McGorray S 4 Monthly $15,000 A. Kennedy M 3 Daily $500 R. Thomas M 5 Annually $120,000

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
COMPUTATION OF FEDERAL INCOME TAX HOLDING
AMOUNT IN $
NAME OF EMPLOYEE MARTIAL STATUS AMOUNT OF PAY PAY SCHEDULE AMOUNT FOR ONE HOLDING ALLOWANCE BASED ON IRS CIRCULAR ALLOWANCES ON W-4 PAYROLL PERIOD ALLOWANCE (PAYROLL PERIOD MULTIPIED BY ALLOWANCE AMOUNT) AMOUNT SUBJECT TO WITHHOLDING (AMOUNT OF PAY - PAYROLL PERIOD ALLOWANCE) FEDERAL TAX TO BE WITHHELD BASED ON IRS PUBLICATION51(as issued in 2018 see table)
S. Turner Single 3000 Weekly 79.8 1 79.8 2920.2 574.01
D.McGorray Single 15000 Monthly 345.8 4 1383.2 13616.8 2732.94
A.Kennedy Married 500 Daily 16 3 48 452 208.96
R.Thomas Married 120000 Annually 4150 5 20750 99250 11173
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes...
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. Click here to access the Table of Allowance Values. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. Amount to Be Withheld Employee Marital Status No. of Withholding Allowances Gross Wage...
Prevosti Farms and Sugarhouse pays its employees according to their job classification. The following employees make...
Prevosti Farms and Sugarhouse pays its employees according to their job classification. The following employees make up Sugarhouse's staff: Employee Number Name and Address Payroll information A-Mille Thomas Millen Hire Date: 2-1-2019 1022 Forest School Rd DOB: 12-16-1982 Woodstock, VT 05001 Position: Production Manager 802-478-5055 PT/FT: FT, exempt SSN: 031-11-3456 No. of Exemptions: 4 401(k) deduction: 3% M/S: M Pay Rate: $35,000/year A-Towle Avery Towle Hire Date: 2-1-2019 4011 Route 100 DOB: 7-14-1991 Plymouth, VT 05102 Position: Production Worker 802-967-5873...
The following employees of CIBA Ironworks in Bristol, Illinois, are paid in different frequencies. Some employees...
The following employees of CIBA Ironworks in Bristol, Illinois, are paid in different frequencies. Some employees have union dues or garnishments deducted from their pay. Calculate their net pay. (Use the wage-bracket tables in Appendix C when applicable, otherwise the percentage method should be used.) No employee has exceeded the maximum FICA limits. The state tax rate for Illinois is 3.75%. (Round your intermediate calculations and final answers to 2 decimal places. Employee Frequency Martial Status Pay Union Dues Garnishment...
Lake Community College gives its faculty the option of receiving the balance of their contract at...
Lake Community College gives its faculty the option of receiving the balance of their contract at the end of the semester on May 17, 20--. The faculty can receive one lump-sum payment instead of receiving the remaining seven biweekly pays over the summer. Use the data given below to complete the Payroll Register on May 17. No employee has reached the OASDI ceiling, and all employees are taking the lump-sum payment. The state withholding rate is 2.0% of total earnings;...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics. David earned consulting fees of $145,000 in 2018. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the...
What tools could AA leaders have used to increase their awareness of internal and external issues?...
What tools could AA leaders have used to increase their awareness of internal and external issues? ???ALASKA AIRLINES: NAVIGATING CHANGE In the autumn of 2007, Alaska Airlines executives adjourned at the end of a long and stressful day in the midst of a multi-day strategic planning session. Most headed outside to relax, unwind and enjoy a bonfire on the shore of Semiahmoo Spit, outside the meeting venue in Blaine, a seaport town in northwest Washington state. Meanwhile, several members of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT