Federal Income Tax Withholding
Bob Avery's weekly gross earnings for the present week were $3,040. Avery has four exemptions. Using the wage bracket withholding table below with a $63 standard withholding allowance for each exemption, what is Avery's federal income tax withholding? Round your answer to two decimal places.
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Table for Percentage Method of Withholding WEEKLY Payroll Period
(a) SINGLE person (including head of household)-
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If the amount of wages (after subtracting withholding allowances) is:
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The amount of income tax to withhold is:
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Not over $51....
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$0
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Over-
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But not over-
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of excess over-
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$51
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$198
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10%
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$51
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$198
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$653
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$14.70 plus 15%
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$198
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$653
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$1,533
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$82.95 plus 25%
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$653
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$1,533
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$3,202
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$302.95 plus 28%
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$1,533
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$3,202
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$6,916
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$770.27 plus 33%
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$3,202
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$6,916
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.....
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$1,995.89 plus 35%
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$6,916
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Describe a transaction that would:
a) Increase both an asset and capital stock.
b) Increase both an asset and a liability.
c) Increase one asset and decrease another asset.
d) Decrease both a liability and an asset.
e) Increase both an asset and retained earnings.
f) Decrease both an asset and retained earnings.
Please, use different examples than your peers.