Carolyne is single,is paid $1,500 per week,and claims two withholding allowances.What amount of federal income tax is withheld from her gross wages each week using the percentage method?

Question

Quizplus · Accepted Answer

Using the IRS percentage method tables for 2023, for a single person with two withholding allowances, the weekly wage of $1,500 falls into a specific bracket. The calculation involves subtracting the allowance amount from the wage and applying the percentage for that bracket, resulting in $246.50.

Carolyne Is Single,is Paid $1,500 Per Week,and Claims Two Withholding