Angie earned $120,000 during 2015. She is single, claims two withholding allowances, and is paid monthly. How much federal withholding tax will Angie's employer withhold for 2015?

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Angie's federal withholding tax for 2015 is $23,786.76. 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 2015 is $6,300. The personal exemption for single filers in 2015 is $4,000. Angie claims two withholding allowances, so her total personal exemptions are $8,000.Angie's taxable income is $120,000 - $6,300 - $8,000 = $105,700. The tax rate for taxable income between $9,276 and $37,450 is 15%.Angie's federal withholding tax is $105,700 x 0.15 = $23,786.76.

Angie Earned $120,000 During 2015