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Dec 18, 2014, President of the Company is paid his annual bonus. This does not affect his insurance coverage, which is base on regular pay. This year, his bonus is $75,000. For Withholding purposes, the bonus is considered a supplemental payment and is added to his gross pay. ($2,307.69) For this pay, he also increased his SIMPLE deduction to $4,000. To determine the federal income tax, Use the Table of allowance Values along with tax table A T-2 to T-4. in calculating tax, do not aggregate to the nearest earnings dollar. Pay Period: Bi-weekly No of Allowance: 4 Marital Status : M Total Earnings: $2307.69 + 75,000 = $77,307.69
the following information applies to the questions displayed below.petes tennis shop has the following transactions
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