Asked by Layne Rouse on Apr 23, 2024
Verified
Dale Bowman had gross earnings of $820 last week. He is married and claims himself, his wife, and three children as dependents. The weekly withholding allowance for each dependent is $65.38. Using the Table for Married Taxpayers above, figure the amount that will be withheld from his paycheck for federal income tax. (Figure withholding to the nearest cent.)
Withholding Allowance
Withholding Allowance refers to an exemption that reduces the amount of income tax an employer deducts from an employee's paycheck, based on their personal and dependent status.
Federal Income Tax
An annual financial obligation required by the federal government from individuals, corporations, trusts, and other lawful entities.
Gross Earnings
The total amount of income received before any deductions or taxes are subtracted.
- Estimate the federal income tax to be withheld by evaluating the status of the taxpayer and their allowances.
Verified Answer
ZK
Learning Objectives
- Estimate the federal income tax to be withheld by evaluating the status of the taxpayer and their allowances.