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The following federal tax table is for biweekly earnings of a single person.
\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|}
\hline \multicolumn{2}{|c|}{ If the wages are - } & \multicolumn{11}{|c|}{ And the number of withholding allowances claimed is - } \\
\hline \multirow{2}{}{ At least } & \multirow{2}{}{\begin{tabular}{l}
But less \\
than
\end{tabular}} & 0 & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 & [tex]$10+$[/tex] \\
\hline & & \multicolumn{11}{|c|}{ The amount of income tax withheld is - } \\
\hline 720 & 740 & 80 & 62 & 44 & 26 & 14 & 1 & 0 & 0 & 0 & 0 & 0 \\
\hline 740 & 760 & 83 & 65 & 47 & 28 & 16 & 3 & 0 & 0 & 0 & 0 & 0 \\
\hline 760 & 780 & 86 & 68 & 50 & 31 & 18 & 5 & 0 & 0 & 0 & 0 & 0 \\
\hline 780 & 800 & 89 & 71 & 53 & 34 & 20 & 7 & 0 & 0 & 0 & 0 & 0 \\
\hline 800 & 820 & 92 & 74 & 56 & 37 & 22 & 9 & 0 & 0 & 0 & 0 & 0 \\
\hline 820 & 840 & 95 & 77 & 59 & 40 & 24 & 11 & 0 & 0 & 0 & 0 & 0 \\
\hline 840 & 860 & 98 & 80 & 62 & 43 & 26 & 13 & 1 & 0 & 0 & 0 & 0 \\
\hline
\end{tabular}

A single person earns a gross biweekly salary of [tex]$\$[/tex] 840[tex]$ and claims 5 exemptions. How will federal taxes affect their net pay?

A. Federal taxes will not affect the net pay.
B. Net pay will increase by $[/tex]\[tex]$11$[/tex] from the gross pay.

Sagot :

GinnyAnswer
To determine how federal taxes will affect the net pay of a single person who earns a gross biweekly salary of [tex]$840 and claims 5 exemptions, we can follow these steps: 1. Identify the gross biweekly salary: The person earns a gross biweekly salary of $[/tex]840.

2. Determine the number of withholding allowances claimed: The person claims 5 exemptions.

3. Locate the appropriate range in the tax table: The salary of [tex]$840 falls into the range of $[/tex]840 to [tex]$860 in the provided tax table. 4. Find the corresponding tax amount: In the tax table, for the salary range of $[/tex]840 to [tex]$860 and 5 withholding allowances claimed, the amount of federal income tax withheld is $[/tex]24.

5. Calculate the net pay: Subtract the federal tax withheld from the gross biweekly salary.

[tex]\[ \text{Net biweekly salary} = \text{Gross biweekly salary} - \text{Federal tax withheld} \][/tex]
[tex]\[ \text{Net biweekly salary} = \$ 840 - \$ 24 = \$ 816 \][/tex]

Therefore, the net biweekly salary, after accounting for federal taxes, will be $816.
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