Question: To compute the tax using the percentage method for Manual Payroll Systems with Forms W-4 from 2020 or Later using Standard Withholding Rate Schedules, follow

To compute the tax using the percentage method for Manual Payroll Systems with Forms W-4 from 2020 or Later using Standard Withholding Rate Schedules, follow the steps illustrated below. Step 1 Determine the amount of gross wages earned, filing status, adjustments on Form W-4, and frequency of pay. Note: If the wage ends in a fractional dollar amount, the wage may be rounded to the nearest dollar. However, in this text, exact wages are used. Step 2 Determine the withholding tax by referring to the appropriate Percentage Method Withholding Table (see Figure 4.6 below). Wilson Goodman, single (S), has no adjustments on his Form W-4 and earns $915.60 semimonthly. Compute tax from Tax Table A, Semimonthly, Standard Withholding Rate Schedule, page T-3. ($915.60$540.00=$375.6010%=$37.56+$0)= $37.56 Systems with Forms W-4 from 2020 or Later with Standard Withholding and 2022 FICA rates have been used. Click here to access the Percentage Method Tables. Feedback Theck My Work Use Percentage Method Tables to calculate federal income taxes withheld using filing status. To compute the tax using the percentage method for Manual Payroll Systems with Forms W-4 from 2020 or Later using Standard Withholding Rate Schedules, follow the steps illustrated below. Step 1 Determine the amount of gross wages earned, filing status, adjustments on Form W-4, and frequency of pay. Note: If the wage ends in a fractional dollar amount, the wage may be rounded to the nearest dollar. However, in this text, exact wages are used. Step 2 Determine the withholding tax by referring to the appropriate Percentage Method Withholding Table (see Figure 4.6 below). Wilson Goodman, single (S), has no adjustments on his Form W-4 and earns $915.60 semimonthly. Compute tax from Tax Table A, Semimonthly, Standard Withholding Rate Schedule, page T-3. ($915.60$540.00=$375.6010%=$37.56+$0)= $37.56 Systems with Forms W-4 from 2020 or Later with Standard Withholding and 2022 FICA rates have been used. Click here to access the Percentage Method Tables. Feedback Theck My Work Use Percentage Method Tables to calculate federal income taxes withheld using filing status

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