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Julio Is Single with 1 Withholding Allowance

Question 1

Multiple Choice

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) $77.00 B) $86.00 C) $92.00 D) Both yield the same tax amount


A) $77.00
B) $86.00
C) $92.00
D) Both yield the same tax amount

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