Question

The percentage method is used when an employee's wages exceed the Publication 15 tables provided. The process for this method is to take the earnings, subtract the allowances the employee declared on their W-4 which results in the wages upon which taxes will be computed.

Table of Allowance Values for
2019 |
|||||||||||

Weekly | 80.80 | Biweekly | 161.50 | Semimonthly | 175.00 | Monthly | 350.00 | ||||

Quarterly | 1,050.00 | Semiannual | 2,100.00 | Annual | 4,200.00 | Daily/Misc. | 16.20 |

Complete the following. The *Percentage Method* must be
used for a single employee, paid weekly, whose wages exceeds $____
on the _____.

? Tackle It

Serena Williams is married, claims 4 allowances, and is paid $11,640.25 on a monthly basis.

**Note**: Enter ALL values as positive numbers and
round amounts to two decimal places unless instructed
otherwise.

Description |
Calculation |
|||

1. | Determine the amount of gross wages. $11,640.25, rounded to the nearest dollar. | $ | ||

2. | Enter the value of the allowances based on the payroll period. | $ | ||

3. | Multiply the allowance value by the employee allowances claimed. | × 4 | () | |

4. | Subtract allowances from gross pay, referred to as excess
wages. |
$ | ||

5. | Identify the correct bracket. Wages starting at $ but not over $. |
$ () |
||

6. | Determine the value over the starting wage for this bracket. | $ | ||

7. | Multiply the overage by the tax rate in the table (enter as a decimal). | x | $ | |

8. | Add the bracket minimum tax. | |||

9. | Add the two amounts together = Total withholding for Serena Williams. | $ |

Answer #1

Description |
Calculation |
|||

1. | Determine the amount of gross wages. $11,640.25, rounded to the nearest dollar. | 11,640 | $ | |

2. | Enter the value of the allowances based on the payroll period. | $ | 350 | |

3. | Multiply the allowance value by the employee allowances claimed. | × 4 | 1400 | () |

4. | Subtract allowances from gross pay, referred to as excess
wages. |
10,240 | $ | |

5. | Identify the correct bracket. Wages starting at $ but not over $. |
$ () |
||

6. | Determine the value over the starting wage for this bracket. | $ | ||

7. | Multiply the overage by the tax rate in the table (enter as a decimal). | x | $ | |

8. | Add the bracket minimum tax. | |||

9. | Add the two amounts together = Total withholding for Serena Williams. | $ |

Sophie is a single taxpayer. For the first payroll period in
July 2019, she is paid wages of $2,200 monthly. Sophie claims one
allowance on her Form W-4. Click here to access the withholding
tables. Table for Allowances Amount per Circular E. Payperiod 2019
Allowance Amount
Weekly $ 80.80
Biweekly 161.50
Semimonthly 175.00
Monthly 350.00
Quarterly 1,050.00
Semiannually 2,100.00
Annually 4,200.00
Round intermediate computations and your final answer to two
decimal places.
a. Use the percentage method to calculate the...

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...

Example 4-3 To use the wage-bracket method, follow the steps
illustrated below. Step 1 Select the withholding table that applies
to the employee's marital status and pay period. ➡ Adrienne Huff is
married and claims 3 allowances. She is paid weekly at a rate of
$815. Step 2 Locate the wage bracket (the first two columns of the
table) in which the employee's gross wages fall. ➡ Locate the
appropriate wage bracket (see Figure 4.7): At least $810 but less...

I completed everything except for the last part. I
know my answers are right because i double checked but i just dont
know how to answer the last section.
Problem 3-1
Schedule C (LO 3.1)
Scott Butterfield is self-employed as a CPA. He uses the cash
method of accounting, and his Social Security number is
644-47-7833. His principal business code is 541211. Scott's CPA
practice is located at 678 Third Street, Riverside, CA 92860.
Scott’s income statement for the year...

3.When closing entries are made:Immersive Reader
(1 Point)
All ledger accounts are closed to start the new accounting
period.
All real accounts are closed but not the nominal
accounts.
All balance sheet accounts are closed.
All temporary accounts are closed but not the permanent
accounts.
All permanent accounts are closed but not the nominal
accounts.
4.A wholesaler is an intermediary that buys products from
manufacturers or other wholesalers and sells them to
consumers.Immersive Reader
(1 Point)
True
False
5.The Merchandise...

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