Asked by habby burahman on May 12, 2024
Verified
John Davis had gross earnings of $500 last week. He is single and claims an allowance for himself only. The amount of one weekly withholding allowance is $65.38. Using the Table for Single Taxpayers above, figure the amount that will be withheld from his paycheck for federal income tax. (Figure withholding to the nearest cent.)
Withholding Allowance
A deduction that employees can claim to reduce the amount of federal income tax withheld from their paycheck.
Federal Income Tax
Tax levied by the national government on an individual's or corporation's annual income.
Gross Earnings
The total amount of money earned by an individual or company before any deductions or taxes are taken out.
- Assess federal income tax deductions by referencing taxpayer status and the total allowances claimed.
Verified Answer
BD
Learning Objectives
- Assess federal income tax deductions by referencing taxpayer status and the total allowances claimed.