70.2K

Verified Solution

Link Copied!

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. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. Amount to Be Withheld Filing Status No. of Withholding Allowances Gross Wage or Salary $675 weekly Percentage Method Wage-Bracket Method Employee Lennon, A. HH N/A 0 x S 0 x Starr, P. MF) N/A 1,929 weekly 0 x 0 x McNeil, s. MF) N/A 1,775 biweekly 0 x 0 x Harrison, W. MF) N/A 2,580 semimonthly 0 X 0 x Smythe, M. HH N/A 5,380 monthly 0 0 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. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. Amount to Be Withheld Filing Status No. of Withholding Allowances Gross Wage or Salary $675 weekly Percentage Method Wage-Bracket Method Employee Lennon, A. HH N/A 0 x S 0 x Starr, P. MF) N/A 1,929 weekly 0 x 0 x McNeil, s. MF) N/A 1,775 biweekly 0 x 0 x Harrison, W. MF) N/A 2,580 semimonthly 0 X 0 x Smythe, M. HH N/A 5,380 monthly 0 0

Answer & Explanation Solved by verified expert

See Answer