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David Chow earns $42,000 a year as an artist. He is paid on a weekly basis He is married, with no dependents, and claims 2 withholding allowances for federal income tax purposes. The state tax rate is 2 percent of taxable income. How much is withheld annually from Chow's gross pay for state and federal income taxes?

David Chow earns 42000 a year as an artist He is paid on a weekly basis He is married with no dependents and claims 2 withholding allowances for federal income class=

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David Chow's gross pay for Federal and State income tax purposes on the basis of being married and claiming two allowances using the attached table is $3276

  • Annual earning = $42,000
  • Number of weeks in a year = 52

Thus, weekly earning will be :

  • (Annual earning ÷ number of weeks)
  • $42,000 ÷ 52 = $807.69

David's weekly earning falls in between ($800 - $810) ; and the number of allowances claimed = 2

Hence, from the table, which contains the amount withheld weekly for different range of weekly earnings and number of allowances claimed; Therefore, weekly amount witheld for tax purposes = $63

Therefore, the amount witheld yearly for ;

  • Federal income tax = $63 × 52 = $3276

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