Margie earns $4598 monthly with adjustments to income. She is married and claims one withholding allowance. Find the federal tax withholding that is deducted from her monthly paycheck?
Cazz receives a semimonthly paycheck from a jazz club of $4,500.00. He is married and is entitled to 1 withholding allowance. Using the percentage method, calculate the amount of income tax that should be withheld from his paycheck each pay period.
To find the federal tax withholding deducted from Margie's monthly paycheck, we need to know her filing status and consult the IRS withholding tax tables. Since Margie is married and claims one withholding allowance, we will use the 2021 tax tables provided by the IRS.
Step 1: Determine the filing status:
As Margie is married, she will use the "Married" filing status.
Step 2: Calculate the adjusted gross income (AGI):
Based on the given information, Margie's monthly income with adjustments is $4598.
Step 3: Determine the number of allowances claimed:
Margie claims one withholding allowance.
Step 4: Consult the IRS withholding tax tables:
We can find the federal tax withholding amount by looking at the IRS withholding tax tables that correspond to Margie's filing status (Married) and income level ($4598).
Step 4.1: Visit the IRS withholding tax tables:
Go to the IRS website and search for "2021 withholding tax tables." Look for the appropriate table based on filing status ("Married").
Step 4.2: Find the income range:
Locate the income range that includes the adjusted gross income of $4598.
Step 4.3: Identify the withholding amount:
Within the income range, find the corresponding withholding amount for one withholding allowance claimed.
Note: Without the exact value of Margie's adjusted gross income within the applicable range, I cannot provide the specific withholding amount. Therefore, I recommend visiting the IRS website or consulting a tax professional to obtain the accurate withholding amount based on the given information.