Federal Income Tax Withholding Bob Wolfe\'s weekly gross earnings for the presen
ID: 2481849 • Letter: F
Question
Federal Income Tax Withholding
Bob Wolfe's weekly gross earnings for the present week were $2,100. Wolfe has two exemptions. Using the wage bracket withholding table below with a $63 standard withholding allowance for each exemption, what is Wolfe's federal income tax withholding? Round your answer to two decimal places.
$____
WEEKLY Payroll Period
(a) SINGLE person (including head of household)— If the amount of wages (after subtracting withholding allowances) is: The amount of income tax to withhold is: Not over $51.... $0 Over— But not over— of excess over— $51 $198 10% $51 $198 $653 $14.70 plus 15% $198 $653 $1,533 $82.95 plus 25% $653 $1,533 $3,202 $302.95 plus 28% $1,533 $3,202 $6,916 $770.27 plus 33% $3,202 $6,916 ..... $1,995.89 plus 35% $6,916
Explanation / Answer
We are given Gross earnings 2100 Also we are provided that Bob has 2 exemptions prescribed standard witholding allowance for each exemption 63 allowance for 2 exemptions, 2 x 63 126 Amount of Wage after allowance 1974 ( falls in bracket of 1533-3202) Amount of income tax to withold is = 302.95 + 28% of excess of 1533 = 302.95 + 28% ( 1974-1533) = 302.95 + 28% (441) = 426.43 Amount to withhold = $ 426.43
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