(Answered) Dec 18 2014 president of the company is paid his annual

Accounting

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

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