PSC 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (2020 or Later Form...

90.2K

Verified Solution

Question

Accounting

PSC 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (2020 or Later Form W-4)
For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a 2023 Form W-4. Refer to Publication 15-T.
1: Rosario Dawes files as married filing jointly on her tax return and earned weekly gross pay of $1,000. For each period she makes a flexible spending account contribution of 2% of gross pay. Rosario did not enter any information in steps 2-4 of the form.
Federal income tax withholding =$
2: Jesse Fineman files as married filing jointly on his tax return and earned weekly gross pay of $1,410. He does not make any retirement plan contributions. Jesse entered $20 on line 4C of Form W-4 and did not enter any information in steps 2 and 3 of the form.
Federal income tax withholding =$
3: Louanne Pauley files as single on her tax return and earned weekly gross pay of $880. For each period she makes a 401(k) contribution of 5% of gross pay. Louanne checked box 2c on Form W-4, entered $500 in step 3 of the form, and did not enter any information in step 4 of the form.
Federal income tax withholding =$
Tentative Federal Income Tax Withholding =$.
image

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