To determine how federal taxes will affect the net pay of a single person who earns a gross biweekly salary of [tex]$840 and claims 5 exemptions, we can follow these steps:
1. Identify the gross biweekly salary: The person earns a gross biweekly salary of $[/tex]840.
2. Determine the number of withholding allowances claimed: The person claims 5 exemptions.
3. Locate the appropriate range in the tax table: The salary of [tex]$840 falls into the range of $[/tex]840 to [tex]$860 in the provided tax table.
4. Find the corresponding tax amount: In the tax table, for the salary range of $[/tex]840 to [tex]$860 and 5 withholding allowances claimed, the amount of federal income tax withheld is $[/tex]24.
5. Calculate the net pay: Subtract the federal tax withheld from the gross biweekly salary.
[tex]\[
\text{Net biweekly salary} = \text{Gross biweekly salary} - \text{Federal tax withheld}
\][/tex]
[tex]\[
\text{Net biweekly salary} = \$ 840 - \$ 24 = \$ 816
\][/tex]
Therefore, the net biweekly salary, after accounting for federal taxes, will be $816.
