On April 1, 2021, the Electronic Superstore borrows $23 million of which $7 million is due in 2022. Show how the company would r
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<u>Solution and Explanation:</u>
1) P<u>atrick patrone </u>
Single and 2 allowances
It falls under the category of Over $509 but under $1,631
The amount of income tax that he withholds is $36.70 + 12% of excess over $509
The amount to withhold for Federal income tax is $49.23.
2) <u>Carson Leno, married and 4 allowances </u>
= $1,195 - $155.80 - $155.80 - $155.80 - $155.80 = $571.80
The wages falls under the category of Over $444 but under $1,177.
The amount of income tax that he withholds is $0 + 10% of excess over $444.
The amount to withhold for Federal income tax is $12.72
3) Carli lintz single, zero allowances and wages is $700.
$700 - $0 = $700 (zero allowance)
The wages falls under the category of Over $509 but under $1631.
The amount of income tax to withhold is $36.70 + 12% of excess over $509
The amount to withhold for Federal income tax is $59.62.
4) Gene hartz. Single, 1 allowance and $2,500 wages.
$2,500 - $155.80 = $2,348.20
The wages fall under the category of Over $1,631 but under $3,315
The amount of income tax to withhold is $171.34 + 22 % of excess of $1,631
The amount for Federal income tax is $332.12
5) Mollie Parmer. Married, 2 allowances and wages is $3,600
The wages falls under the category of Over $1,177 but under $3,421
The amount of income tax to withhold is
The amount for Federal income tax is $326.67.
<u>NOTE :</u> - the withholding allowance is deducted from the wages, the amount of single allowance is $155.80.