6) Irene Farley earns a semimonthly salary of $7714.27. She has a $100 adjustmen

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Business Finance

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6) Irene Farley earns a semimonthly salary of $7714.27. She has a $100 adjustment-to-income flexible benefits package, is married, and claims 4 withholding allowances. Find the federal tax withholding to be deducted from her semimonthly paycheck using the percentage method tables. 

A) $1350.93 

B) $3110.17 

C) $1378.93 

D) $1528.26

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Explanation & Answer

Adjustment to income flexible benefit: pre tax dollars

payroll period: semimonthly 166.70 per withholding allowance x 4 = 666.8 reduction

Semimonthly, 6947.47: 1224.45+.28*(6947.47-6658)

=1305.50

http://www.irs.gov/pub/irs-pdf/p15.pdf

I'm not sure what tax tables you are supposed to use, but this is how you can calculate it. 


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