Chapter 4
Acct. 121 Chapter 4 part 1
To find for Chapter 4 part 1 Question 2:
Gross Pay: ----- the amount pay check was not including tips
Federal Income Tax:------ add wages and tips together then go to wage bracket
Social Security Taxes OASDI:------ take wages made add tips then times it by .042
Social Security Taxes HI:------ take wages made add tips then times it by .0145
State Income Tax:------ take wages made add tips then times it by .02
Net Pay:------ Take gross pay and subtract all of the above from Federal Income Tax to State Income Tax
Question 3: 1) Employee 1: Amorosa, A. Marital Status- Married # of allowance- 4 Gross Wage: $1530 weekly
To find for weekly…. Take the number of allowances and times it by allowance values
Example: $73.08 * 4 = $292.32--------- then take gross wage and subtract allowance amount…… 1530 – 292.32= $1,237.68------- The look at percentage method tables to finish out
Formula to finish 0.15 * (1237.68 – 490) + 33.40 = $145.55 2) Employee 2: Finley, R.--- Single---- 0 allowance------ $710 biweekly
To find for biweekly---- There’s no allowance so go look at percentage method table
Formula to finish---- 0.15 * (710 – 417) + 33.40 = $77.35 3) Employee 3: Gluck, E.--- Single---- 5 Allowance----- $9220 quarterly
5 * 950 = 4750----------- 9220 – 4750 = 4470
Formula to finish------- 0.15 (4470 – 2713) + 217.50 = $481.05 4) Employee 4: Quinn, S.--- Married---- 8 allowance----- $1,085 Semimonthly
8 * 158.33 = 1266.64-------- 1085 – 1266.64= -181.64
Formula to finish----- because allowance amount is more than wages there is no amount to be withheld so answer is $0.00 5) Employee 5: Treave, Y.--- Married--- 3 Allowances------- $2175 Monthly
3 * 316.67 = 950.01----------- 2175 – 950.01 = 1224.99
Formula to finish----- 0.10 ( 1224.99 – 675 ) = $54.999= $55
Question 4
Find Amount to be Withheld for Percentage Method and Wage-Bracket Method A) Corn, A.---- Single---- 2 Allowances---- $675 weekly
To find for Chapter 4 part 1 Question 2:
Gross Pay: ----- the amount pay check was not including tips
Federal Income Tax:------ add wages and tips together then go to wage bracket
Social Security Taxes OASDI:------ take wages made add tips then times it by .042
Social Security Taxes HI:------ take wages made add tips then times it by .0145
State Income Tax:------ take wages made add tips then times it by .02
Net Pay:------ Take gross pay and subtract all of the above from Federal Income Tax to State Income Tax
Question 3: 1) Employee 1: Amorosa, A. Marital Status- Married # of allowance- 4 Gross Wage: $1530 weekly
To find for weekly…. Take the number of allowances and times it by allowance values
Example: $73.08 * 4 = $292.32--------- then take gross wage and subtract allowance amount…… 1530 – 292.32= $1,237.68------- The look at percentage method tables to finish out
Formula to finish 0.15 * (1237.68 – 490) + 33.40 = $145.55 2) Employee 2: Finley, R.--- Single---- 0 allowance------ $710 biweekly
To find for biweekly---- There’s no allowance so go look at percentage method table
Formula to finish---- 0.15 * (710 – 417) + 33.40 = $77.35 3) Employee 3: Gluck, E.--- Single---- 5 Allowance----- $9220 quarterly
5 * 950 = 4750----------- 9220 – 4750 = 4470
Formula to finish------- 0.15 (4470 – 2713) + 217.50 = $481.05 4) Employee 4: Quinn, S.--- Married---- 8 allowance----- $1,085 Semimonthly
8 * 158.33 = 1266.64-------- 1085 – 1266.64= -181.64
Formula to finish----- because allowance amount is more than wages there is no amount to be withheld so answer is $0.00 5) Employee 5: Treave, Y.--- Married--- 3 Allowances------- $2175 Monthly
3 * 316.67 = 950.01----------- 2175 – 950.01 = 1224.99
Formula to finish----- 0.10 ( 1224.99 – 675 ) = $54.999= $55
Question 4
Find Amount to be Withheld for Percentage Method and Wage-Bracket Method A) Corn, A.---- Single---- 2 Allowances---- $675 weekly