Quiz 2.1-2.3 - He is single. He is expecting a raise of 20%...

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Money Management Name:_______________________ Quiz 2.1-2.3 Date:______________Period:____ Use your tax tables to calculate the federal income tax withholdings. Use the following personal exemptions for state income tax: single--$1500 married--$3000 dependent--$700 1. Tammy earns $457 a week. She is married and claims 4 allowances for federal tax purposes, but no dependents for state. The state tax rate is 4%. What amount is withheld weekly for federal income tax? What amount is withheld weekly for state income tax? Federal:_________ State:_________ 2. You currently earn $28,000 annually. You are single and claim 0 allowances. How much federal income tax is withheld annually from your gross pay? Annual Federal Withholding:_________ 3. Alex earns $300 dollars per week. He claims himself and his daughter.
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Unformatted text preview: He is single. He is expecting a raise of 20% at the end of the month, and he is planning to get married. Once he is married, he will claim himself, his daughter, and his wife as allowances. How will his federal withholdings change? Change in federal:_________ 4. John earns $30,000 annually. He is single, and he claims 3 dependents. The state tax rate is 2.5%. What amount his withheld from his semimonthly pay for state income tax? Semimonthly withholdings:_________ 5. Reas annual gross salary is $52,000. She is married but claims no dependents. The state she lives in assesses 1.5% on the first $5000 of income, 2.5% on the next $10,000, and 4% on everything over $15,000. How much is deducted from her annual gross pay for state income tax? State Income Tax:_________...
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