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Jim Push, a manager for Marvy Co., has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim is $500 below the maximum level for Social Security. What will his net pay be if he earns $760? Jim is married and claims one exemption. Use the percentage method. Use a Social Security tax rate of 6.2% on a $118,500 base. Use a Medicare tax rate of 1.45% with no base. (Use Table 7.1 and Table 7.2) (Round your final answer to 2 decimal places.) Payroll Period Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annually. Daily or miscellaneous (each day of the payroll period) One Withholding Allowance $ 76.90 153.80 166.70 333.30 1,000.00 2,000.00 4,000.00 15.40 Percentage Method Tables for Income Tax Withholding TABLE 1WEEKLY Payroll Period (a) SINGLE person (including head of household)- (b) MARRIED person- If the amount of wages If the amount of wages (after subtracting The amount of income tax (after subtracting The amount of income tax withholding allowances) is: to withhold is: withholding allowances) is: to withhold is: Not over $44 $0 Not over $165 $0 Over But not over- of excess over-Over But not over- of excess over- $44 $0.00 plus 10% -$44 $165 - $520. $0.00 plus 10% -S165 $222 -9764 $17.80 plus 15% - $222 $520 -$1,606 $35.50 plus 15% -$520 $764 - $1,789 $99.10 plus 25% - $764 $1,606 -$3,073 $198.40 plus 25% -$1,606 $1,789 -$3,685 $355.35 plus 28% -$1,789 $3,073 -$4,597 $565.15 plus 28% -$3,073 $3,685 -$7,958 $886.23 plus 33% -$3,685 $4,597 -$8,079 $991.87 plus 33% -$4,597 $7,958 -$7,990 $2,296.32 plus 35% - 37,958 $8,079 -$9,105 $2,140.93 plus 35% -$8,079 $7,990 $2,307.52 plus 39.6% $7,990 $9,105 $2,500.03 plus 39.6% -$9,105 TABLE 2-BIWEEKLY Payroll Period - $222 .. (a) SINGLE person (including head of household)- |(b) MARRIED person- If the amount of wages If the amount of wages (after subtracting The amount of income tax (after subtracting withholding allowances) is: to withhold is: withholding allowances) is: Not over $88. SO Not over $331 Over But not over- of excess over-Over But not over- $88 -$443 $0.00 plus 10% -$88 $331 -$1,040 $443 -$1,529 $35.50 plus 15% -$443 $1,040 -$3,212 $1,529 -$3,579 $198.40 plus 25% -31,529 $3,212 - $6,146 $3,579 -$7,369 $710.90 plus 28% 33,579 $6,146 -$9,194 $7,369 -$15,915 $1.772.10 plus 33% -57,369 $9,194 -$16,158 $15,915 -$15,981 $4,592.28 plus 35% -$15,915 $16,158 -$18,210 $15,981 $4,615.38 plus 39.6% -$15,981 $18,210 TABLE 3-SEMIMONTHLY Payroll Period The amount of income tax to withhold is: $0 of excess over- $0.00 plus 10% -$331 $70.90 plus 15% -$1,040 $396.70 plus 25% -$3,212 $1,130.20 plus 28% - $6,146 $1,983.64 plus 33% -$9,194 $4,281.76 plus 35% -$16,158 $4,999.96 plus 39.6% -$18,210 -$480. (a) SINGLE person (including head of household) (6) MARRIED person If the amount of wages If the amount of wages (after subtracting The amount of income tax (after subtracting The amount of income tax withholding allowances) is: to withhold is: withholding allowances) is: to withhold is: Not over $96... SO Not over $358 ...... $0 Over But not over- of excess over-Over But not over- of excess over- $96 $0.00 plus 10% -$96 $358 -$1,127 $0.00 plus 10% -$358 $480 -$1,656 $38.40 plus 15% -$480 $1,127 -$3,479 $76.90 plus 15% -$1,127 $1,656 -$3,877 $214.80 plus 25% - $1,656 $3,479 -$6,658 $429.70 plus 25% -$3,479 $3,877 -$7,983 $770.05 plus 28% -$3,877 $6,658 -$9,960 $1,224.45 plus 28% -$6,658 $7,983 -$17,242 $1.919.73 plus 33% -$7,983 $9,960 -$17,504 $2,149.01 plus 33% -$9,960 $17.242 -$17,313 $4.975.20 plus 35% -$17.242 $17,504 -$19,727 $4,638.53 plus 35% -$17,504 $17,313 $5,000.05 plus 39.6% $17,313 $19,727 $6,416.58 plus 39.6% -$19,727 TABLE 4MONTHLY Payroll Period (a) SINGLE person (including head of household) (6) MARRIED person- If the amount of wages If the amount of wages (after subtracting The amount of income tax (after subtracting The amount of income tax withholding allowances) is: to withhold is: withholding allowances) is: to withhold is: Not over $192 $0 Not over $717 $0 Over But not over- of excess over-Over But not over- of excess over- $192 -$960 $0.00 plus 10% -$192 $717 -$2,254 $0.00 plus 10% -$717 $960 -$3,313 $76.80 plus 15% -$960 $2,254 -$6,958 $153.70 plus 15% -$2,254 $3,313 - $7,754 $429.75 plus 25% -$3,313 $6,958 -$13,317 $859.30 plus 25% -$6,958 $7,754 -$15,967 $1,540.00 plus 28% -$7,754 $13,317 -$19,921 $2,449.05 plus 28% -$13,317 $15,967 -$34,483 $3,839.64 plus 33% -$15,967 $19,921 -$35,008 $4,298.17 plus 33% -$19,921 $34,483 -$34,625 $9,949.92 plus 35% -$34,483 $35,008 -$39,454 $9,276.88 plus 35% -$35,008 $34,625 $9,999.62 plus 39.6% -$34,625 $39,454 $10,832.98 plus 39.6% -$39,454