Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register . (Use the percentage method to calculate FIT for this weekly period.) (Use Table 91 and Table 9.2).(D. not round Intermediate calculations and round your final answers to the nearest cent.) FICA Marital status Allowances claimed Gross pay FIT S.S. Med. Not pay Employee Pat Brown M 4 $ 3,700 Payroll Period One Withholding Allowance Weekly .. Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of the payroll period) $ 79.80 159.60 172.90 345.80 1,037.50 2,075.00 4,150.00 + + + + - 16.00 Percentage Method Tables for Income Tax Withholding (For Wages Pald In 2018) Over TABLE 1-WEEKLY Payroll Period () 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 wthholding allowance to withholds withholding allowances): to withholdi: Not over $71 SO Nol over $222 $0 But not over of Oxoss over-Over- But not over of excess over- $71 -$254 $0.00 plus 10% $71 $222 -$588 $0.00 plus 10% 3222 $254 -5815 $18.30 plus 12% 5264 $688 -$1,711 $36.60 plus 129 --5580 $815 $1,650 305.62 plus 20% 2015 01711 - $3,506.. $171.36 plus 20% -S1,711 31.050 $3,100 $271.00 plus 24% -61,050 13,096 -50.200.8541.04 plus 24% 30,000 33,100 $0.917 5617.10 plus 3216 -$3,100 $4,280 -$7,814 S1,234.21 plus 32% $9,280 $3,017 30.087 3870.00 plus 30% -80.017 37,914 -311,701 $1,757.12 plus 30% $7,014 39,667 $2.898.10 plus 375 59.007511,701 $3.103.57 plus 376 $11,761 TABLE 2-BIWEEKLY Payroll Porlod (*) DINGLE person including hood of household) (6) MARRIED person- If the amount of wagos If the amount of wages (alter Dublicting The amount of income tax (after subtracting The amount of income tax witholding allowancen lo to withhold withholding allowances) is to withholdin: Not over $142 30 Not over 3444 30 Ovo But not over of excess over Over But not over of excess over $142 $509 50.00 plus 10% -5142 3414 -$1,177 $0.00 plus 10 SSD $1,631 -$444 $36.70 plus 12% $509 $1,177 $3,421 S7330 plus 12% -$1,177 S1 631 $3.315 5171.34 plus 22% $1,631 53,421 $6,790 $342.58 plus 22% 53.315 55.200 $541.82 plus 24% -S3,421 -$3315 $8,790 $12,560 S8.200 -57835 $1,083.76 plus 24% $1 234 22 olus 324 -$8,790 56 200512560 $15.620 S2.468,56 plus 32 S7 635 -$19.373 $1.757 42 plus 35% -$12.500 -S7,835 $16.829 -$23.521 $3,514,64 plus 356 -$15.829 $19.373 $579572 plus 37 $19373 $23.521 $5.200.84 plus 37 29 DE KLT Payroll Poriod (6) SINGLE Person (including head of household) (6) MARRIED person- If the amount of wages if the amount of wages The amount of income tax (after subtracting (alter subtracting The amount of income tax witholding allowances) is to withhold is: withholding allowances) is: to withhold is. Not over $142 SO Nol over $444 SO Over- But not over of excess over Over But not over of excess over $142 - $509 $0.00 plus 10% -$142 $444 $1.177 $0.00 plus 10% -S144 $509 -$1,631 $35.70 plus 12% -5509 $1,177 -$3,421 S73.30 plus 12% $1,177 $1,631 $3,315 $171.34 plus 22% -$1.631 $3,421 -56,790 $342.58 plus 22% -$3,421 $3,315 38,200 $541.82 plus 24% $3,315 $8,790 -$12,560 $1.083.76 plus 24% -$8,790 $6.200 -S7.835 $1.234 22 olus 32% $6.200 $12.560 $15.829 52.468.56 blus 32% -$12.560 $7,835 --$19,373 $1,75742 plus 35% -57835 $15.829 $23.521 $3.514.64 plus 35% $15.829 $19.373 $579572 plus 37% $19.373 $23.521 S6,208.84 plus 37% $23,521 TABLE 3-SEMIMONTHLY Payroll Period (S) SINGLE person (ncluding head of household) (6) MARRIED person- of the amount of wages If the amount of wages (after subtracting The amount of income tax (after subtracting The amount of income tax Winciding allowances) is: to withhold is withholding allowances) is to withhold is Not over $154 SO Nol over $481 SO Over But not over of excess over-Over- But not over of excess over SIA -51 Snoop -$150 SAR1 $1,976 Shoper $181 $551 $1,767 $30.76 plus 12% - $551 $1,275 -$3.706 579 40 plut 12 $1,275 $1,787 -$3.592 $185.62 plus 2246 $1,767 $3,706 -$7,356 $371.12 plus 22 $3.502 $3,703 55,717 5587.12 plus 249 $3,502 $7,356 -$13,606 $1.174.12 plus 20% $7.358 $6,71% $8.489 $1,337 12 plue 3294 S6717| S13,606 $17.148 $9.674.12 pluo 32 -513,608 58,439 $20.980 51003 84 plus 35% 8.480 $17.140 $26.481 $3,807,66 plus 36 $20,000 517,146 50 278.34 plus 37 $20.000 $26.481 $0,704.11 plus 37 GOS, TABLE 4 MONTHLY Payroll Period (6) SINGLE person (ncluding head of household)-- (6) MARRIED person the mount of wagos of the amount o wagos (troubtracting The amount of income to wthholding allowances) (ahoroubtrating to withholdio The amount of income tax withsiding allowances) to withhold is Not over 100g CO Not Over $063 SO Over But not over of excess over Over But not over 3300 -31.102 of excess over 50.00 plus 10% -5300 3903 -33.530 31.10 -$2.550 30.00 plus 10 370.40 plus 125 -31.102 $900 $2.550 -37,413 $3,533 - 37.183 537112 plus 220 $158.70 plus 12 -32,550 83.533 57,410 --514,713 $7.183 -$13.433 $742.26 plus 229 51.174.12 plus 247 -37,413 -S7183 $13.433 314713 -527213 $2.348.26 plus 24 -515,375 52674 12 plus 32% -314,713 -$13.433 $27.213 ---534 20 85.348.20 plus 32 $16,975 -$41.075 33807 50 plus 360 $16.975 -$27.213 $34.296 -$50.983 541,975 $7.0142 plus 3 512 567 56 plus 37" 541.975 -$34.290 S5363 513 448 27 DUS 3 350.90 Assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1 and Table 9.2) (Do not round Intermediate calculations and round your final answers to the nearest cent.) FICA Employee Marital status Allowancos claimed Gross pay FIT 8.8. Mod. Not pay Pat Brown M 41 $ 3,700

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions