Manny is paid $2,640.00 on a monthly basis. He is
single and is entitled to 1 withholding allowance. How much income,
social security, and Medicare taxes will be withheld, based on the
combined wage bracket tables in Exhibits 9-3 and 9-4 from your
text?
Group of answer choices
$478.43
$417.49
$487.49
$508.49
Homework Answers
The answer is $478.43
Since the Exhibits 9-3 and 9-4 is not clear, I have considered tax year 2014
| Tax Year 2014 | |
| One Withholding Allowance | $329.20 |
| Gross Pay | $2,640 |
| Withholding Allowance | $329.20 |
| Subject to Withholding | $2,310.80 |
| Federal Income Tax Withheld (a) | $280.62 |
| 75.6+(2310.8-944)*15% | |
| Social Security Tax @ 6.2% (b) | $163.68 |
| Medicare Tax @1.45% © | $38.28 |
| Total amount Withheld (a+b+c) | $482.58 |
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