Hello! How do I calculate the amount to be withheld using the percentage method? The percentage method table for 2018 is included below. I'm guessing I somehow use the information underlined in red for Felps?
Homework Answers
Hi,
As you mentioned in the question it is correct, but you have to deduct withholding allowances before choosing the tax slot.
Since you didn't provide allowances table so I can show the calculation of Mr.Carson .W only (there is no allowances for him)
Mr.Carson .W, Gross Wages- $2580 semi-monthly
His tax slot will be $1275 - $3706
Calculation of Tax
$79.40 + ($2580-1275)*12%
= $79.40+156.6= $236.
I hope you got a clear idea and can do easily for other four persons.
If you have any doubt please leave a comment.
Thank you.
Add Answer to:
Hello! How do I calculate the amount to be withheld using the
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$128,400 and Medicare is 1.45%.) Calculate FIT by the percentage
method. (Use Table 9.1 and Table 9.2) (Round your answers
to 2 decimal places.)
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Rhonda Brennan found her first job after graduating from college
through the classifieds of the Miami Herald. She was delighted when
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3. Her company will pay her biweekly for 80 hours (assume a tax
rate of 6.2% on $128,400 for Social Security and 1.45% for
Medicare). Calculate her take-home pay for her first check. (Use...
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for the present week were $2,280. Dunn has two exemptions. Using
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withholding allowance for each exemption, what is Dunn's federal
income tax withholding? Round your answer to two decimal
places.
Table for Percentage Method of Withholding WEEKLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income...
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is $1,250. He will not reach the maximum taxable salary for Social
Security purposes.
1. What is the amount that he will have deducted for Social
Security taxes?
2. What is the amount that he will have deducted for Medicare
taxes?
3. Using the percentage method, what is the amount that he will
have deducted for FIT (Federal Income Tax)?
4. What is his net pay?
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Security taxes?
2. What is the amount that he will have deducted for Medicare
taxes?
3. Using the percentage method, what is the amount that he will
have deducted for FIT (Federal Income Tax)?
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1. What is the amount that she will have deducted from this
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2. What is the amount that she will have deducted from this
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Ramona Porter's cumulative
earnings (YTD) before this pay period were $28,900. Her gross pay
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