Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2020) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 403.84 Federal tax levy $217.16 Figure 6.3 2020 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single Pay Period Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 47.69 64.23 80.77 97.31 113.85 130.39 47.69 plus 16.54 for each dependent Weekly 238.46 321.15 403.84 486.53 569.22 651.91 238.46 plus 82.69 for each dependent Biweekly 476.92 642.30 807.68 973.06 1138.44 1303.82 476.92 plus 165.38 for each dependent Semimonthly 516.67 695.84 875.01 1054.18 1233.35 1412.52 516.67 plus 179.17 for each dependent Monthly 1033.33 1391.66 1749.99 2108.32 2466.65 2824.98 1033.33 plus 358.33 for each dependent Source: Internal Revenue Service. Karen Most has a federal tax levy of $2,100.50 against her. If Most is single with two personal exemptions and had a take-home pay of $499.00 this week, how much would her employer take from her pay to satisfy part of the tax levy? Round your intermediate calculations and answer to the nearest cent. $fill in the blank

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 19P

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Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2020) would be:

Take-home pay	$621.00
Less: Exempt amount (from Figure 6.3).	403.84
Federal tax levy	$217.16

Figure 6.3
2020 Table for Amount Exempt for Tax Levy (Single Person)

Filing Status: Single
Pay Period	Number of Exemptions Claimed on Statement
0	1	2	3	4	5	More Than 5
Daily	47.69	64.23	80.77	97.31	113.85	130.39	47.69 plus 16.54 for each dependent
Weekly	238.46	321.15	403.84	486.53	569.22	651.91	238.46 plus 82.69 for each dependent
Biweekly	476.92	642.30	807.68	973.06	1138.44	1303.82	476.92 plus 165.38 for each dependent
Semimonthly	516.67	695.84	875.01	1054.18	1233.35	1412.52	516.67 plus 179.17 for each dependent
Monthly	1033.33	1391.66	1749.99	2108.32	2466.65	2824.98	1033.33 plus 358.33 for each dependent

Source: Internal Revenue Service.

Karen Most has a federal tax levy of $2,100.50 against her. If Most is single with two personal exemptions and had a take-home pay of $499.00 this week, how much would her employer take from her pay to satisfy part of the tax levy?

Round your intermediate calculations and answer to the nearest cent.
$fill in the blank 1

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