single $1,750. married $3,500, each dependent $900\n1. joel bigby earns an annual salary of $54,625.00 as a…

single $1,750. married $3,500, each dependent $900\n1. joel bigby earns an annual salary of $54,625.00 as a field tech supervisor. he is married and has two children. his state withholding tax rate is 3.7 percent of taxable earnings. what is the total of joels personal exemption? ____________ what is his annual state tax withholding rounded to the nearest dollar? ____________

single $1,750. married $3,500, each dependent $900\n1. joel bigby earns an annual salary of $54,625.00 as a field tech supervisor. he is married and has two children. his state withholding tax rate is 3.7 percent of taxable earnings. what is the total of joels personal exemption? ____________ what is his annual state tax withholding rounded to the nearest dollar? ____________

Answer

Explanation:

Step1: Calculate personal exemption

The personal - exemption for a married person is $3,500 and $900 for each dependent. He has 2 dependents. $3500 + 2\times900=3500 + 1800=$5300$

Step2: Calculate taxable earnings

Taxable earnings = Annual salary - Personal exemption $54625-5300 = 49325$

Step3: Calculate state tax withholding

State tax rate is 3.7% or 0.037. State tax withholding = Taxable earnings×Tax rate $49325\times0.037=1825.025\approx$1825$

Answer:

Personal exemption: $5300$; Annual state tax withholding: $1825$