Our Services

Get 15% Discount on your First Order

Example 4-3 To compute the tax using the 2023 Percentage Method for Manual Payroll Systems With Forms W-4 From 2020 or Later

February 29, 2024

Example 4-3

To compute the tax using the 2023 Percentage Method for Manual Payroll Systems With Forms W-4 From 2020 or Later using Standard Withholding Rate Schedules, follow the steps illustrated below.

Step 1
Determine the amount of gross wages earned, filing status, adjustments on Form W-4, and frequency of pay. Note: If the wage ends in a fractional dollar amount, the wage may be rounded to the nearest dollar. However, in this text, exact wages are used.	➡	Wilson Goodman, single (S), has no adjustments on his Form W-4 and earns $915.60 semimonthly.

Step 2 Determine the withholding tax by referring to the appropriate Percentage Method Withholding Table (see Figure 4.6 below).	➡	Compute tax from Tax Table A, Semimonthly, Standard Withholding Rate Schedule, page T-3. ($915.60 – $577.00 = $338.60 × 10% = $33.86 + $0) = $33.86

Use the

percentage method

to compute the federal income taxes to withhold from the wages or salaries of each employee.
If an amount is zero, enter “0”. If required, round your calculations and final answers to the nearest cent.

As we go to press, the federal income tax rates for 2024 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2023 federal income tax tables for Manual Systems with Forms W-4 From 2020 or Later with Standard Withholding and 2023 FICA rates have been used.

Click here to access the Percentage Method Tables.

Employee No.	Employee Name	Filing Status	No. of Withholding Allowances	Gross Wage or Salary	Amount to Be Withheld
1	James, A.	MFJ	N/A	$1,610	weekly	fill in the blank 1 of 4$
2	Lake, R.	S	N/A	825	biweekly	fill in the blank 2 of 4
3	Walls, S.	MFJ	N/A	925	semimonthly	fill in the blank 3 of 4
4	Free, Y.	MFJ	N/A	2,875	monthly	fill in the blank 4 of 4

image1.wmf

>Business & Finance homework help

Share This Post

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

List of Accounts Accounts Payable, Accounts Receivable, Advertising Expense, Buildings, Cash, Equipment, Gasoline Expense, Insurance Expense, Land, Maintenance

List of Accounts Accounts Payable, Accounts Receivable, Advertising Expense, Buildings, Cash, Equipment, Gasoline Expense, Insurance Expense, Land, Maintenance and Repairs Expense, Miscellaneous Expen

Instructions: Due Tuesday 04/09 Using current literature, complete the case titled “Small Business-Peachtree” attached above. You will need to down

Instructions: Due Tuesday 04/09 Using current literature, complete the case titled “Small Business-Peachtree” attached above. You will need to down load the case and answer the questions given. Here are some hints that will help you on the case: I · Discuss the entity choices available to Peachtree. Include some

Search for information on August Wilson. Must have at least two outside source (does not include the play Fences) that are academically/scholarly and

Search for information on August Wilson. Must have at least two outside source (does not include the play Fences) that are academically/scholarly and reliable. Create an essay at least 2 pages and address background info on August Wilson. How is his life intricately connected to a theme in Fences? Ensure

DISCUSSION While traditional marketing methods are the cornerstone of any organization’s growth, creativity, and innovation, within traditional marketing is a

DISCUSSION While traditional marketing methods are the cornerstone of any organization’s growth, creativity, and innovation, within traditional marketing is a definitive way of energizing any business

use an Excel spreadsheet to analyze forecasting performance. Your company produces and distributes two Consumer External Hard Drives lines: 1 Terabyte

use an Excel spreadsheet to analyze forecasting performance. Your company produces and distributes two Consumer External Hard Drives lines: 1 Terabyte drives (1 Tb) and 5 Terabyte Drives (5 Tb). The p use an Excel spreadsheet to analyze forecasting performance. Your company produces and distributes two Consumer External Hard Drives

Part 3 COMMUNICATING EFFECTIVELY FOR DIVERSE AUDIENCES AND CONTEXTS: PART 3 This week, you will develop a third presentation based on the scenario

Part 3 COMMUNICATING EFFECTIVELY FOR DIVERSE AUDIENCES AND CONTEXTS: PART 3 This week, you will develop a third presentation based on the scenario from Weeks 1 and 2. As a reminder, you are a manager with Allied Products, a U.S.-based manufacturer of consumer packaged goods. Your company has recently acquired

Please Answer each question separately with at least 250 words 2 in text citations for each question and 2 references for each question. 1.Under what

Please Answer each question separately with at least 250 words 2 in text citations for each question and 2 references for each question. 1.Under what conditions should a company consider adopting a global geographical structure as opposed to a global product structure? Why? Is it logical for a transnational organization

In your six-slide PowerPoint presentation, use the notes below as a guide for each of your slides. Click the triangle to expand the notes.

Case Study- Joe is a 14 yo Hispanic male currently participating in competitive skateboarding. He wears the regulation helmet while competing, but often

Case Study- Joe is a 14 yo Hispanic male currently participating in competitive skateboarding. He wears the regulation helmet while competing, but often chooses a half helmet while practicing because it’s lighter. 3 days ago he hit his head when he fell from the top of the half pipe while practicing a new

Using what you read on pp. 11–13 of “Keys to Expatriate Success: A Toolkit for Diversity Management PDF,” create a data-gathering tool you would use to

Using what you read on pp. 11–13 of “Keys to Expatriate Success: A Toolkit for Diversity Management PDF,” create a data-gathering tool you would use to audit the organization’s current expatriate process. This data would be used to develop recommendations for change to improve the success of the process. In

Create a 8-10 page Powerpoint presentation that examines the variety of ways in which the HS/OT (hitherto, ‘the Bible’) ‘informs and forms’ Jewish and Christian

Create a 8-10 page Powerpoint presentation that examines the variety of ways in which the HS/OT (hitherto, ‘the Bible’) ‘informs and forms’ Jewish and Christian communities. By presenting the results

The case is: Enron Case! Please check the instructions in the uploaded file below and make sure to use Harvard style. 1 ACC3155 FINANCIAL

The case is: Enron Case! Please check the instructions in the uploaded file below and make sure to use Harvard style. 1 ACC3155 FINANCIAL STATEMENT ANALYSIS AND VALUATION ACADEMIC YEAR 2023-2024 Detailed requirements and marking criteria for Group Assignment You are required to work in a group of 2-3 members

SLP/ACC 501 Third part of the presentation. See background information for the Module 1 SLP. Module 3 TRANSFER PRICING AND RESPONSIBILITY CENTERS Required:

SLP/ACC 501 Third part of the presentation. See background information for the Module 1 SLP. Module 3 TRANSFER PRICING AND RESPONSIBILITY CENTERS Required: Include the following items in your prese

The research proposal is intended to guide the practice during the investigation of a phenomenon related to the practice center where it is located, or

The research proposal is intended to guide the practice during the investigation of a phenomenon related to the practice center where it is located, or topics related to field practice. Will have the opportunity to develop a careful research plan during a reflective, critical, and feasible process toward a goal.

MM 4th email SUBJECTIVE VS OBJECTIVE DATA

MM 4th email SUBJECTIVE VS OBJECTIVE DATA Subjective Data What the patients TELLS

Please follow the instruction, use the attached document to complete the discussion Population health nursing week 6 discussion For this week’s

Please follow the instruction, use the attached document to complete the discussion Population health nursing week 6 discussion For this week’s discussion, you will take a closer look at findings from your population health assessment & prevention project. (Please attached the Population health assessment & prevention project document) 1. Identify the role of your collaborating healthcare

follow the requirement ENTE3506 Seminar 12 Week 16 Assignment 2 By Zairah Hussain Introduction to assignment structure and

follow the requirement ENTE3506 Seminar 12 Week 16 Assignment 2 By Zairah Hussain Introduction to assignment structure and criteria Assignment 2 Due on Tuesday 2nd April 2024 @12.00pm GMT time zone 50% of your overall grade 1500 words (+/- 10%) A minimum of 15 academically credible references Essay structure Assignment

Instructions First, create an outline or concept map that summarizes your communication plan for a significant organizational change or event. Consider the

Instructions First, create an outline or concept map that summarizes your communication plan for a significant organizational change or event. Consider the following examples: a new company branding initiative; the restructuring of a team, department or business unit; a company-wide community service project; the transition of an executive leader; an

Our Services

Example 4-3 To compute the tax using the 2023 Percentage Method for Manual Payroll Systems With Forms W-4 From 2020 or Later

image1.wmf

Share This Post

Related Questions

Use Our 6 Free Tools