Federal income tax withholding

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Reference no: EM132234914

1) Federal Income Tax Withholding

Bob Avery's weekly gross earnings for the present week were $2,840. Avery has two exemptions. Using the wage bracket withholding table in Exhibit 2 with a $75 standard withholding allowance for each exemption, what is Avery's federal income tax withholding? Round your answer to two decimal places.

2) Employee Net Pay

Maxwell Inverness's weekly gross earnings for the week ended April 22 were $1,906, and his federal income tax withholding was $343.08. Assuming the social security rate is 6% and Medicare is 1.5%, what is Maxwell's net pay?

Note: If required, round your answer to two decimal places

3) Journalize Period Payroll

The payroll register of Wang Engineering Co. indicates $1,860 of social security withheld and $465 of Medicare tax withheld on total salaries of $31,000 for the period. Federal withholding for the period totaled $5,270.

Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.

Reference no: EM132234914

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