Asked by Amrita Nijjer on Apr 26, 2024
Verified
Douglas Johnson had gross earnings of $2,350 last week. He is married and claims himself and his wife 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 is an exemption that reduces how much income tax an employer deducts from an employee's paycheck, based on the number of allowances claimed.
Federal Income Tax
A financial duty enforced by the federal government on the yearly revenues of persons, corporations, trusts, and different legal organizations.
Gross Earnings
The total amount of money earned by an individual or business before any deductions or taxes are applied.
- Calculate the withholding amount for federal income tax utilizing the taxpayer's filing status and their claimed allowances.
Verified Answer
VH
Learning Objectives
- Calculate the withholding amount for federal income tax utilizing the taxpayer's filing status and their claimed allowances.