Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of$12,600. He is single and claims 1 deduction. Before his payroll,

Barretts cumulative earnings were $128, 030. (Social Security maximum is 6.2% on. $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).

FIT:

they use computers for their payroll. These companies use the percentage method. For this method we use Table 9.1 and Table 9.2 (page 256) from Circular E to calculate Janet's FIT. Step 1. In Table 9.1, locate the weekly withholding for one allowance. Multiply this num- ber by 2. $79.80 x 2 = $159.60 Payroll Period One Withholding Allowance $ 79.80 159.66 Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of the payroll period) 172.90 345.80 1,037.50 2,075.00 4,150.00 16.00 The Business Math Handbook has a sample of the wage bracket method. An alternative method is the wage bracket method shown in the Business Math Handbook. Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2018) TABLE 1-WEEKLY Payroll Period (a) SINGLE person (including head of household) (b) MARRIED person- the amount of wages the amount of wages after subtracting The amount of income tax (after subtracting withholding allowances) is to withhold is: withholding allowances) is Not Over $71 SO Not over S222 Over But not over- of excess over-Over But not over $71 50.00 plus 10% $71 $222 -$588 5254 -5815 $18.30 plus 12% -$254 $589 -$1,711 S815 -$1.650 $85 62 pis 22 -$815 $1,711 $3,395 $1,658 -$3.100 $271.06 plus 24% --$1.658 $3.395 -$6.280 $3.100 -$3 917 $617.15 plus 32 -53.100 $6280 -$7.914 $3,917 ---$9.687 S878.60 plus 35% - $3.917 $7,914 -$11.761 $9 687 52 898.10 plus 37% -S9.687 $11,761 TABLE 2-BIWEEKLY Payroll Period The amount of income tax to withhold is SO of excess over $0.00 plus 10% - $222 $36.60 plus 125 -$588 $171 36 plus 22% ---$1.711 $541.84 plus 24% -$3.395 $1.234.24 plus 32% -$8,280 $1,757.12 plus 35% -$7,914 $3103.57 plus 37" $11,761 (a) SINGLE person (including head of household) (b) MARRIED person- If the amount of wagas If the amount of wages (after subtracting The amount of income tax (after subtracting The amount of income tax withholding allowances) is: to withhoid is withholding allowances) is: to withhold is: Not over $142 SO Not Over $444 SO Over- But not over- of excess over- of excess over Over But not over- $444 S142 ---$509 50.00 plus 10% -$142 $444 -$1,177 50.00 plus 10% 5509 - $1,631 $1,177 $36.70 plus 12% --$509 $1,177 -$3,421 $73.30 plus 12 $1,631 -S3315 S171.34 plus 22% ---$1,631 $3,421 -56.790 $342.58 plus 22% $3,423 $3,315 -S6.200 $541.82 plus 249 -$3,315 $6,790 -$12,560 $1,083.76 plus 24% -$6.790 $6.200 -S7.835 $1.234 22 plus 32% 56,200 $12,560 -$15,829 $2.468.56 plus 32 -$12.560 $7,835 $19,373 $1,757.42 plus 35% -S7.835 $15.829 -$23,521 $3.514.64 plus 35% -$15.8.29 $19.373 $5.795.72 plus 37% $19,373 $23.521 $6,206.84 plus 37) $23,521 TABLE 3-SEMIMONTHLY 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 (alter subtracting The amount of income tax withholding allowances) is: to withhold is withholding allowances) is to withhold is: Not over $154 SO Not over $481 $0 Over But not over- of excess over-Over- But not over- of excess over $154 -$551 SO 00 plus 10% -$154 $481 -$1.275 $0.00 plus 10% -$481 $551 -$1.767 $39.70 plus 12% -$551 --$3,706 $79.40 plus 12 -$1.275 $1,767 -$3.592 $185.62 plus 22 -$1,767 $3,706 -$7,356 5371.12 plus 22 -S3,706 53,592 -56,717 5587.12 plus 24% -$3.592 $7.356 -$13,606 $1.174.12 plus 24% -S7,356 56.717 -$8.488 $1,337.12 plus 32% --S6,717 $13,606 -$17,148.52.674.12 plus 32% $8,488 -$20,988 $1,903.84 plus 35% -$8,488 $17,148 --$13.606 -$25,481 $3.807.56 plus 35% $20 988 $6278.84 plus 37% - $20.988 $25,481 -$17,148 $6.724.11 plus 37 -$25,481 TABLE 4-MONTHLY Payroll Period $1.275 (b) MARRIED person (a) SINGLE person (including head of household) - If the amount of wages If the amount of wages The amount of income tax (altor subtracting (aftor subtracting The amount of income tax withholding allowances) is: to withholdis: withholding allowances) is to withhold is Not over $308. SO Not over $963 $0 Over But not over- of excess over-Over- But not over of excess over- S305 -S1,102 $0.00 plus 10% -$308 $963 -$2,550 $0.00 plus 10% $1,102 -$963 -S3,533 $79.40 plus 12% -$1.102 $2,550 -$7.413 $158.70 plus 12% $3,533 -$2.550 -57,183 $371.12 plus 22% -S3,533 $7,413 -$14.713 $742.26 plus 22% $7,183 -$7,413 -$13,433 $1,174.12 plus 24% -S7,183 $14,713 -$27.213 $2.348 26 plus 24% $13,433 --$16.975 -$14,713 52.674.12 plus, 32% --$13,433 $27.213 -$34.296 $5,348 26 plus 32% $16,975 -$41,975 $3,807.56 plus 35% -$16.975 $34.296 ---$27.213 $7,614 82 plus 35% $41.975 $12,557.56 plus 37% -$41.975 $50,963 -$34.296 $13.448.27 plus 37% - $50,963 --$50,963 burce: Internal Revenue Service Step 2. Subtract $159.60 in Sten 1 fr