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Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $16.10 per hour. She completed her W-4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare). Calculate her take-home pay for her first check. (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.)

Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $16.10 per hour. She completed her W-4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare). Calculate her take-home pay for her first check. (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.)

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 12EB: Reference Figure 12.15 and use the following information to complete the requirements. A. Determine...
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Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $16.10 per hour. She completed her W-4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare).

Calculate her take-home pay for her first check. (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.)

TABLE 9.2 Percentage method income tax withholding schedules Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2018) TABLE 1–WEEKLY Payroll Period (b) MARRIED person- If the amount of wages (aftersubtracting withholding allowances) is: to withhold is: Not over $222 (a) SINGLE person (including head of household) If the amount of wages (after subtracting withholding allawances) is: to withhold is: Not over $71 Over- $71 $254 $815 $1,650 $3,100 $3,917 $9,687 The amount of income tax The amount of income tax sO $0 of excess ovor-Over- But not over- But not over- -$254.. SO.00 plus 10% $815.. $18.30 plus 12% $1,658.. $85.62 plus 22% $3,100 $3,917 $9,687 .... $2,898.10 plus 37% -$71 -$254 -$815 -81,658 -$3,100 -$3,917 -$9,687 $222 $588 $1,711 $3,395 $6,280 $7,914 $11,761 -$588.. $0.00 plus 10% $1,711.. $36.60 plus 12% $3,395.. $171.36 plus 22% -$6,200 -$7,914.. $1,234.24 plus 32% -$11,761 of excess over- -$222 -$588 -$1,711 -33,395 -$6,200 -S7,914 $11,761 $271.06 plus 24% $617.16 plus 32% S878.60 plus 35% $541.84 plus 24% $1,757. 12 plus 35% ...... $3, 103.57 plus 37% TABLE 2-BIWEEKLY Payroll Period |(b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: to withhold is: Not over $444 (a) SINGLE person (including head of houschold) If the amount of wages (after subtracting withholding allowances) is: to withhold is: Not over $142 Over- $142 $509 $1,631 $3,315 S6.200 $7,835 $19,373. The amount of income tax The amount of income tax of excess over- over- -$142 -$509 -$1,631 $3,315 -$6 200 S12.560 -57.835 $15,829 .... $0 But not over -$1,177.. $0.00 plus 10% -$3,421.. S73.30 plus 12% -$6,790.. $342.58 plus 22% -$12,560 -$15.829 -$23,521 of excess over- -$44 -$1,177 -$3,421 -$6,790 -$12,560 -$15,829 $23.521 But not over- so.00 plus 10% --S1,631.. S36.70 plus 12% -S3,315.. S171.34 plus 22% S6,200.. $541.82 plus 24% $1.234.22 olus 32% $1,757.42 plus 35% $5.795.72 plus 37% -$509 $444 $1,177 $3,421 $6,790 $1,083.76 plus 24% $2.468.56 olus 32% $3,514.64 plus 35% $6.206.84 plus 37% -S7.835 -$19.373 $23,521....... .. TABLE 2-BIWEEKLY Payroll Period (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: to withhold is: Not over $444 (a) SINGLE person (including head of household) If the amount of wages (after subtracting withholding ellowances) is: to withhold is: Not over $142 Over- $142 $509 $1,631 $3,315 $6.200 $7,835 $19.373 The amount of income tax The amount of income tax .... $0 But not over- -$1,177.. $0.00 plus 10% -$3,421. -$6,790 -$12,560 -$15.829 -S23,521 of excess over-Over- -$142 of excess over- -$44 $1,177 -$3,421 -$6,790 -$12.560 -$15,829 -$23,521 But not over- $509. so.00 plus 10% -Ş1,631.. S36.70 plus 12% S171.34 plus 22% $541.82 plus 24% $1.234.22 plus 32% $1,757.42 plus 35% $5.795.72 plus 37% $444 --$509 S73.30 plus 12% $342.58 plus 22% $1,083.76 plus 24% $2.468.56 olus 32% $3,514.64 plus 35% $6.206.84 plus 37% $1,177 -S1,631 $3,421 -$6,200 -$7.835 -$19,373. -$3,315 $6,790 -$6.200 $12.560 -$7.835 $15,829 -$19.373 $23,521. TABLE 3-SEMIMONTHLY Payroll Period |(b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: to withhold is: Not over $481 (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) is: to withhold is: Not over $154 Over- But not over- $154 $551 $1,767 $3,592 $6,717 $8,488 $20,988. The amount of income tax The amount of income tax so SO ... of excess over- Over- But not over- -$551 $1,767. -$3,592 -$6,717 $8,488. $20,988. so 00 plus 10% $39.70 plus 12% $185.62 plus 22% $587.12 plus 24% $1,337.12 plus 32% $1,003.84 plus 35% $6.278.84 plus 37% -$154 -$551 -$1,767 -$3,592 -$6,717 $8.488 $17,148 s20.988 $25.481.... $481 $1,275 $3,706 $7,356 $13,606 -$1,975 -$3,706 -$7,356 -$13,606 -$17,148. -$25,481.. $3,807.56 plus 35% $0 00 plus 10% S79.40 plus 12% S371.12 plus 22% $1,174, 12 plus 24% $2,674. 12 plue 32% of excess over- -$481 -$1,275 -$3,706 -$7,356 -$13,606 $17,148 ees,401 $6,724.11 plus 37% TABLE 4-MONTHLY Payroll Period |(b) MARRIED person- If the amount of wages (aftoroubtraeting withholding allowances) is: to withhold is: Not over $063...... (a) SINGLE person (including head of household) If the amount of wages (after oubtraating withholding allowances) is: to withhold is: Not over $308...... Over- $308 $1,102 $3,533 $7,183 $13,433 $16,975 $41,975... $12,557.56 plus 37% Tho amount of inoomo tax Tho amount of income tax so of excess over- -$963 -$2,550 -$7,413 -$14,713 -$27,213 -$34,296 -$50,963 of excess over- Over- But not over- But not over- -$1,102.. So.00 plus 10% -$3,533.. $79.40 plus 12% $7,183.. S371. 12 plus 22% -$13,433.. $1,174.12 plus 24% -$16,975. . $2,674.12 plus 32% -$41,975 -$308 -$1,102 -$3,533 -S7,183 $14,713 - -$2,550.. $0.00 plus 10% -$7,413.. $158.70 plus 12% -$14,713.. S742.26 plus 22% -$27,213. -$34,296 -$50,963 $983 $2,550 $7,413 $13,433 $27,213 -$16,975 -$41,975 $50,963........ $13,448.27 plus 37% $2,348.26 plus 24%% $5,348.26 plus 32% $7,614.82 plus 35% $3,807.56 plus 35% $34,296 Source: Internal Revenue Service
Transcribed Image Text:TABLE 9.2 Percentage method income tax withholding schedules Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2018) TABLE 1–WEEKLY Payroll Period (b) MARRIED person- If the amount of wages (aftersubtracting withholding allowances) is: to withhold is: Not over $222 (a) SINGLE person (including head of household) If the amount of wages (after subtracting withholding allawances) is: to withhold is: Not over $71 Over- $71 $254 $815 $1,650 $3,100 $3,917 $9,687 The amount of income tax The amount of income tax sO $0 of excess ovor-Over- But not over- But not over- -$254.. SO.00 plus 10% $815.. $18.30 plus 12% $1,658.. $85.62 plus 22% $3,100 $3,917 $9,687 .... $2,898.10 plus 37% -$71 -$254 -$815 -81,658 -$3,100 -$3,917 -$9,687 $222 $588 $1,711 $3,395 $6,280 $7,914 $11,761 -$588.. $0.00 plus 10% $1,711.. $36.60 plus 12% $3,395.. $171.36 plus 22% -$6,200 -$7,914.. $1,234.24 plus 32% -$11,761 of excess over- -$222 -$588 -$1,711 -33,395 -$6,200 -S7,914 $11,761 $271.06 plus 24% $617.16 plus 32% S878.60 plus 35% $541.84 plus 24% $1,757. 12 plus 35% ...... $3, 103.57 plus 37% TABLE 2-BIWEEKLY Payroll Period |(b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: to withhold is: Not over $444 (a) SINGLE person (including head of houschold) If the amount of wages (after subtracting withholding allowances) is: to withhold is: Not over $142 Over- $142 $509 $1,631 $3,315 S6.200 $7,835 $19,373. The amount of income tax The amount of income tax of excess over- over- -$142 -$509 -$1,631 $3,315 -$6 200 S12.560 -57.835 $15,829 .... $0 But not over -$1,177.. $0.00 plus 10% -$3,421.. S73.30 plus 12% -$6,790.. $342.58 plus 22% -$12,560 -$15.829 -$23,521 of excess over- -$44 -$1,177 -$3,421 -$6,790 -$12,560 -$15,829 $23.521 But not over- so.00 plus 10% --S1,631.. S36.70 plus 12% -S3,315.. S171.34 plus 22% S6,200.. $541.82 plus 24% $1.234.22 olus 32% $1,757.42 plus 35% $5.795.72 plus 37% -$509 $444 $1,177 $3,421 $6,790 $1,083.76 plus 24% $2.468.56 olus 32% $3,514.64 plus 35% $6.206.84 plus 37% -S7.835 -$19.373 $23,521....... .. TABLE 2-BIWEEKLY Payroll Period (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: to withhold is: Not over $444 (a) SINGLE person (including head of household) If the amount of wages (after subtracting withholding ellowances) is: to withhold is: Not over $142 Over- $142 $509 $1,631 $3,315 $6.200 $7,835 $19.373 The amount of income tax The amount of income tax .... $0 But not over- -$1,177.. $0.00 plus 10% -$3,421. -$6,790 -$12,560 -$15.829 -S23,521 of excess over-Over- -$142 of excess over- -$44 $1,177 -$3,421 -$6,790 -$12.560 -$15,829 -$23,521 But not over- $509. so.00 plus 10% -Ş1,631.. S36.70 plus 12% S171.34 plus 22% $541.82 plus 24% $1.234.22 plus 32% $1,757.42 plus 35% $5.795.72 plus 37% $444 --$509 S73.30 plus 12% $342.58 plus 22% $1,083.76 plus 24% $2.468.56 olus 32% $3,514.64 plus 35% $6.206.84 plus 37% $1,177 -S1,631 $3,421 -$6,200 -$7.835 -$19,373. -$3,315 $6,790 -$6.200 $12.560 -$7.835 $15,829 -$19.373 $23,521. TABLE 3-SEMIMONTHLY Payroll Period |(b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: to withhold is: Not over $481 (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) is: to withhold is: Not over $154 Over- But not over- $154 $551 $1,767 $3,592 $6,717 $8,488 $20,988. The amount of income tax The amount of income tax so SO ... of excess over- Over- But not over- -$551 $1,767. -$3,592 -$6,717 $8,488. $20,988. so 00 plus 10% $39.70 plus 12% $185.62 plus 22% $587.12 plus 24% $1,337.12 plus 32% $1,003.84 plus 35% $6.278.84 plus 37% -$154 -$551 -$1,767 -$3,592 -$6,717 $8.488 $17,148 s20.988 $25.481.... $481 $1,275 $3,706 $7,356 $13,606 -$1,975 -$3,706 -$7,356 -$13,606 -$17,148. -$25,481.. $3,807.56 plus 35% $0 00 plus 10% S79.40 plus 12% S371.12 plus 22% $1,174, 12 plus 24% $2,674. 12 plue 32% of excess over- -$481 -$1,275 -$3,706 -$7,356 -$13,606 $17,148 ees,401 $6,724.11 plus 37% TABLE 4-MONTHLY Payroll Period |(b) MARRIED person- If the amount of wages (aftoroubtraeting withholding allowances) is: to withhold is: Not over $063...... (a) SINGLE person (including head of household) If the amount of wages (after oubtraating withholding allowances) is: to withhold is: Not over $308...... Over- $308 $1,102 $3,533 $7,183 $13,433 $16,975 $41,975... $12,557.56 plus 37% Tho amount of inoomo tax Tho amount of income tax so of excess over- -$963 -$2,550 -$7,413 -$14,713 -$27,213 -$34,296 -$50,963 of excess over- Over- But not over- But not over- -$1,102.. So.00 plus 10% -$3,533.. $79.40 plus 12% $7,183.. S371. 12 plus 22% -$13,433.. $1,174.12 plus 24% -$16,975. . $2,674.12 plus 32% -$41,975 -$308 -$1,102 -$3,533 -S7,183 $14,713 - -$2,550.. $0.00 plus 10% -$7,413.. $158.70 plus 12% -$14,713.. S742.26 plus 22% -$27,213. -$34,296 -$50,963 $983 $2,550 $7,413 $13,433 $27,213 -$16,975 -$41,975 $50,963........ $13,448.27 plus 37% $2,348.26 plus 24%% $5,348.26 plus 32% $7,614.82 plus 35% $3,807.56 plus 35% $34,296 Source: Internal Revenue Service
TABLE 9.1 Percentage method income tax withholding allowances Payroll Period One Withholding Allowance $ 79.80 Weekly . Biweekly Semimonthly Monthly. Quarterly. Semiannually 159.60 172.90 345.80 1,037.50 2,075.00 Annually. 4, 150.00 Daily or miscellaneous (each day of the payroll period) 16.00
Transcribed Image Text:TABLE 9.1 Percentage method income tax withholding allowances Payroll Period One Withholding Allowance $ 79.80 Weekly . Biweekly Semimonthly Monthly. Quarterly. Semiannually 159.60 172.90 345.80 1,037.50 2,075.00 Annually. 4, 150.00 Daily or miscellaneous (each day of the payroll period) 16.00
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