Angie earned $120,000 during 2014.She is single,claims two withholding allowances,and is paid monthly.How much federal withholding tax will Angie's employer withhold for 2014?

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Angie's federal withholding tax for 2014 is $23,932.32. This is calculated using the following formula:Federal withholding tax = (Gross income - (Standard deduction + (Number of withholding allowances x Personal exemption))) x Tax rateAngie's gross income is $120,000. The standard deduction for single filers in 2014 is $6,200. The personal exemption for 2014 is $3,950. Angie claims two withholding allowances, so her total personal exemptions are $7,900.Angie's taxable income is $120,000 - $6,200 - $7,900 = $105,900. The tax rate for taxable income between $9,276 and $37,450 is 15%.Angie's federal withholding tax is $105,900 x 0.15 = $23,932.32.

Angie Earned $120,000 During 2014