An accountant needs to withhold 16% of income for taxes if the income is below $40,000, and 20% of income if the income...
An accountant needs to withhold 16% of income for taxes if the
income is below $40,000, and 20% of income if the income is $40,000
or more. The income amount is in cell A1. Write a spreadsheet
expression that would calculate the amount to withhold.
Homework Answers
If value of income is in Cell A1, then amount to withhold can be calculated by the below expression
=IF(A1>40000,0.16*40000+(A1-40000)*0.2,0.16*A1)
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U S W are all paid $1,050 per week. Compute the total FICA taxes that the...
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