Henry, who earned $123,000 during 2020, is paid on a monthly basis, is married, (spouse does...

 

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Henry, who earned $123,000 during 2020, is paid on a monthly basis, is married, (spouse does not work) and two dependents who are under the age of 17. Assume that Henry has only one job or that step 2 of Form W-4 is not checked. Also, his employer uses the percentage method table for an automated payroll system. Use percentage method tables for automated systems. Required: a. What is Henry's federal tax withholding for each pay period? b. What is Henry's FICA withholding for each pay period? (For all requirements, round your intermediate computations and final answers to 2 decimal places.) a b. Federal tax withholdings Total FICA withholding Amount Henry, who earned $123,000 during 2020, is paid on a monthly basis, is married, (spouse does not work) and two dependents who are under the age of 17. Assume that Henry has only one job or that step 2 of Form W-4 is not checked. Also, his employer uses the percentage method table for an automated payroll system. Use percentage method tables for automated systems. Required: a. What is Henry's federal tax withholding for each pay period? b. What is Henry's FICA withholding for each pay period? (For all requirements, round your intermediate computations and final answers to 2 decimal places.) a b. Federal tax withholdings Total FICA withholding Amount

Answer rating: 100% (QA)

Solution Earning during 2020 123600 monthly earnings I monthly earnings of with ... View the full answer