Business, 18.03.2021 01:20 ehamilton3
For each employee listed, use the wage-bracket method to calculate federal income tax withholding. Then calculate both the state income tax withholding (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 income tax withholding.
1. Irving Black (single; 0 federal withholding allowance) earned weekly gross pay of $995. For each period, he makes a 401(k) retirement plan contribution of 8% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 1.6% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents, and 0.70% of an employee's taxable pay on non-residents.
Federal income tax withholding = $
State income tax withholding = $
Local income tax withholding = $
2. William Stefano (married; 6 federal withholding allowances) earned weekly gross pay of $1,125. He participates in a flexible spending account, to which he contributes $100 during the period. The city in which he lives and works levies a tax of 2% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 1.4% of an employee's taxable pay on non-residents.
Federal income tax withholding = $
State income tax withholding = $
Local income tax withholding = $
3. Brad Haley (married; 3 federal withholding allowances) earned weekly gross pay of $1,150. For each period, he makes a 403(b) retirement plan contribution of 8% of gross pay. The city in which he lives and works levies a tax of 1.6% of an employee's taxable pay (which is the same for federal and local income tax withholding) on both residents and non-residents.
Federal income tax withholding = $
State income tax withholding = $
Local income tax withholding = $
4:Zane Smith (single; 2 federal withholding allowances) earned weekly gross pay of $1,025. He participates in a cafeteria plan, to which he pays $75 during the period. The city in which he works levies a tax of $15/week on employees who work within city limits.
Federal income tax withholding = $
State income tax withholding = $
Local income tax withholding = $
Answers: 2
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For each employee listed, use the wage-bracket method to calculate federal income tax withholding. T...
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