0.00
0.0
Total Chapter 4 Earned
70
Total Chapter 4 Possible
E
1.
Taxable tips
D
2.
Personal allowance
H
3.
Backup withholding
A
4.
Form 1099MISC.
J
5.
Roth IRA
I
6.
Standard deduction
C
7.
Pretax salary reductions
B
8.
Form 1096
G
9.
Nontaxable fringe benefits
F
10. Flexible reporting
MATCHING QUIZEnter letter for matching answer
Total possible 2.5 points
E
D
H
A
J
I
C
B
G
F
DO NOT TYPE IN THE GRAY
Total Questions for Review out of 3 possible
Questions for Review:
Directionsanswer questions 3, 6 and 13.
3
Indicate whether wage payments are Exempt or Nonexempt from FIT:
a.
NonExempt
b.
Exempt
c.
Exempt
d.
Exempt
e.
Exempt
6
What is a personal allowance? What was the amount for 2016?
a.
Deductions allowed in computing taxable income
b.
$10,600.00
13
1
Applicable Tax Rate/Divided by intended payment
What is formula used to "grossup" supplemental payments in order to cover the taxes on the supplemental payments?
DO NOT TYPE IN THE GRAY
0
Problem set 1  10 total pts
Be sure and compare answers to CHECK FIGURES odd n
0
41A out of 1.5 possible
41A:
Calculate the net take home pay:
Gross pay
$
300.00
Based on the 800
Federal income tax
(55.00)
(49.60)
(11.60)
(16.00)
Net pay
$
167.80
0
42A out of 3 possible
42A:
Grossaccess
Last column
Employee
Marital
No. of W/H
Payroll
Gross Wage
Amt for W/H
Excess
Offset
No.
Employee Name
Status
Allowances
Period
or Salary

Allowances
=
Wages

Amount
=
1
Amorosa, A.
M
4
Weekly
$1,610 
311.60
=
$
1,298.40  $
521.00 =
2
Finley, R.
S
0
Biweekly
825 
=
825.00

443.00
=
3
Gluck, E.
S
5
Quarterly
9,630 
5,062.50
=
4,567.50

2,881.00
=
4
Quinn, S.
M
8
Semimonthly
925 
1,350.40
=
(425.40)


=
5
Treave, Y.
M
3
Monthly
2,875 
1,012.50
=
1,862.50

713.00
=
pg t2
0
43A out of 3 possible
43A:
Last column
Marital
No. of W/H
Payroll
Gross Wage
Amt for W/H
Excess
Offset
Employee Name
Status
Allowances
Period
or Salary

Allowances
=
Wages

Amount
=
Corn, A.
S
2
Weekly
$675 
$
155.80
=
$
519.20

$
222.00
=
Fogge, P.
S
1
Weekly
1,960 
77.90
=
1,882.10

1,796.00
=
Felps, S.
M
6
Biweekly
1,775 
934.80
=
840.20

329.00
=
Carson, W.
M
4
Semimonthly
2,480 
675.20
=
1,804.80

1,129.00
=
Helm, M.
M
9
Monthly
5,380 
3,037.50
=
2,342.50

2,258.00
=
0
44A out of 2.5 possible
44A:
Marital
No. of W/H
Payroll
Amt to be
Employee Name
Status
Allowances
Period
Wage
Withheld
Type the numbers and formulas for deductions in
negatives like " =round(570*.062,2)" and answer
(35.34).
Then use a SUM formula in the Net pay c
FICA: OASDI
(6.2%x$
)
FICA: HI
(1.45% x $
)
State income tax
(2%x$
)
Use the
percentage method
to compute the federal income taxes to withhold from the wages/salaries:
Use the (1)
percentage method
and (2)
wagebracket method
to compute the federal income taxes to withhold from the wages/salaries:
Use the
wagebracket method
to compute the federal income taxes to withhold from the wages/salaries:
Hal Bower
M
1
W
$1,350
$
149.00
Ruth Cramden
S
1
W
$590
62.00
Gil Jones
S
3
W
$675
51.00
Teresa Kern
M
6
M
$4,090
136.00
Ruby Long
M
2
M
$2,730
135.00
Katie Luis
M
8
S
$955

Susan Martin
S
1
D
$108
11.00
Jim Singer
S
4
S
$2,610
284.00
(computations here) see below
Martin Torres
M
4
M
$3,215
116.00
numbered Problems!
Added
Taxable
Tax on
Tax for
FIT to
Wages
x
Tax Rate
=
Range
+
Range
=
Withhold
$
777.40 x
0.15
=
$
116.61 +
$
35.70 = $
152.31
382.00
x
0.15
=
57.30
+
35.60
=
92.90
1,686.50
x
0.15
=
252.98
+
231.80
=
484.78

x

=

+

=

1,149.50
x
0.10
=
114.95
+

=
114.95
FIT to Withhold
Added
Wage
Taxable
Tax on
Tax for
%
Bracket
Wages
x
Tax Rate
=
Range
+
Range
=
Method
Method
$
297.20
x
0.15
=
$
44.58
+
$
17.90
=
$
62.48
$
62.00
86.10
x
0.28
=
24.11
+
356.90
=
381.01
N/A
511.20
x
0.10
=
51.12
+

=
51.12
51.00
675.80
x
0.15
=
101.37
+
77.30
=
178.67
180.00
84.50
x
0.15
=
12.68
+
154.50
=
167.18
167.00
the cells as
will display
cell.
0.00