Julio is single with 1 withholding allowance.He earned $1,025.00 during the most recent semimonthly pay period.He needs to decide between contributing 3% and $30 to his 401(k)plan.If he chooses the method that results in the lowest taxable income,how much will be withheld for Federal income tax (based on the following table)?

A)$79.00
B)$86.00
C)$74.00
D)Both yield the same tax amount

Question

Julio is single with 1 withholding allowance.He earned $1,025.00 during the most recent semimonthly pay period.He needs to decide between contributing 3% and $30 to his 401(k) plan.If he chooses the method that results in the lowest taxable income,how much will be withheld for Federal income tax (based on the following table) ?
Julio is single with 1 withholding allowance.He earned $1,025.00 during the most recent semimonthly pay period.He needs to decide between contributing 3% and $30 to his 401(k) plan.If he chooses the method that results in the lowest taxable income,how much will be withheld for Federal income tax (based on the following table) ? A) $79.00 B) $86.00 C) $74.00 D) Both yield the same tax amount

A)$79.00 
B)$86.00 
C)$74.00 
D)Both yield the same tax amount

Quizplus · Accepted Answer

The Answer of Julio is single with 1 withholding allowance.He earned $1,025.00 during the most recent semimonthly pay period.He needs to decide between contributing 3% and $30 to his 401(k)plan.If he chooses the method that results in the lowest taxable income,how much will be withheld for Federal income tax (based on the following table)?

A)$79.00 
B)$86.00 
C)$74.00 
D)Both yield the same tax amount

Julio Is Single with 1 Withholding Allowance