4. Carl Swift's annual gross pay is $45,500. He has exemptions of $3,000. The state...

70.2K

Verified Solution

Question

Accounting

4. Carl Swift's annual gross pay is $45,500. He has exemptions of $3,000. The state tax on the first $2,500 is 1.5% and 3% on amounts over $2,500. Find the tax withheld from his state income tax

image

Exemptions (2020) Single-$12,400. Married(separately)-$12,400. Married jointly)- $24,800. Each dependent - $4,300 Graduated State Income Tax Table (2020) First $5,500: 1.7% Next $5,500: 3.2% Next $11,000: 4.7% Over $16,500: 4.9%

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students