Alan Glasgow

1.Which of the following statements is false regarding an employee’s contribution into a 401(k) tax deferred retirement account?

a.The employee’s contributions are not subject to FICA tax.

b.Upon retirement, the employee will receive their contributions back in the form of regular payments.

c.None of these statements are correct.

2.Use the appropriate table to determine the amount to withhold for federal income tax from each of the following biweekly wages (biweekly withholding allowance = $161.50):

Patrick Patrone (single, 2 allowances), $925 wages

Carson Leno (married, 4 allowances), $1,195 wages

Carli Lintz (single, 0 allowances), $700 wages

Tax table link below

https://cxp.cengage.com/contentservice/assets/T=1587480948747/btpa20t/images/chapter04/Exhibit_4-1.html

3.Mary Matthews made $950 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company’s 401k. Determine Matthews take home pay if she is married and claims 2 allowances.

(biweekly withholding allowance = $161.50)

Tax table link below

https://cxp.cengage.com/contentservice/assets/T=1587480948747/btpa20t/images/chapter04/Exhibit_4-1.html

4.Determine the income tax to withhold from the biweekly wages of the following employees (wage-bracket)

Karen Overton (single, 0 allowances), $900 wages

Alan Glasgow (married, 1 allowance), $980 wages

Ginni Lorenz (single, 1 allowance), $580 wages

(biweekly withholding allowance = $161.50)

Tax table link below

https://cxp.cengage.com/contentservice/assets/T=1587480948747/btpa20t/images/chapter04/Exhibit_4-1.html

5.Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In addition, he is being paid a bonus of $300 along with his regular pay. If Dorsey is single and claims two withholding allowances, how much would be deducted from his pay for FIT?

Hint: There are two ways to determine his deduction—do not use tables for percentage method.

(biweekly withholding allowance = $161.50)

Tax table link below

https://cxp.cengage.com/contentservice/assets/T=1587480948747/btpa20t/images/chapter04/Exhibit_4-1.html

6.Carson Smart is paid $1,200 every two weeks plus a taxable lodging allowance of $100. He is a participant in the company 401(k) plan and has $150 deducted from his pay for his contribution to the plan. He is married with two allowances. How much would be deducted from his pay for federal income tax (using the wage-bracket table)?

(biweekly withholding allowance = $161.50)

Tax table link below

https://cxp.cengage.com/contentservice/assets/T=1587480948747/btpa20t/images/chapter04/Exhibit_4-1.html

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