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Question

× M Cengage.com. Lost pr. X Cengage xyCengageNOW2] Or| x D Cengage learning x , D Cengage Learning genow.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker -assignments&&takeAssignmentSessionLocator; assig ress= false rcises Bi Show Me How tent Calculator eBook Print nem Federal Income Tax Withholding Bob Wolfe's weekly gross earnings for the present week were $2,560. wolfe has four exemptions. using the wage bracket witholding table in Exthibit 2 with a $75 standard withholding allowance for each exemption, what is Wolfe's federal income tax withholding? Round your answer to two decimal places

Explanation / Answer

1)Federal income tax withholding can not be calculated since exhibit 1 is not provided
2)net pay=gross earnings-tax withholding-(7.5%*gross earnings)
=1302-234.36-(1302*7.5%)
=969.99
3)Current year quick ratio=(cash+temporary inv+Acc rec)/acc payable
=(1170+2540+300)/5300
=0.76
previous year=(1380+3080+2100)/4100
=1.60

It is declining since we can see the ratio came down

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