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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
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?
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Click here to access the Table of Allowance Values. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. Amount to Be Withheld No. of Marital Withholding Employee Status Allowances Gross Wage or Salary Percentage Method Wage-Bracket Method Corn, A. $ 675 weekly $ 38 Fogge, P. S i 1,960 weekly x Must use percentage method Felps, S. 1,775 biweekly x 107 Carson, W. 2,580 semimonthly 235 Helm, M. M 1 0 5,380 monthly 95 Feedback Check My Work a. Use Percentage Method Tables to calculate federal income taxes withheld using marital status and number of withholding allowances. Note: Multiply No. of withholding allowances by the appropriate allowance amount using Table of Allowance Values. b. Use Wage-Bracket Tables. At this point check your work by comparing parts a & b; these amounts should be very similar. Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2018) TABLE 1-WEEKLY Payroll Period $71 (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 alowances) is: to withhold is: withholding allowances) is: to withhold is: Not over $71.......... $0 Not over $222.. SO Over But not over- of excess over lover- But not over- of excess over- -$254.. $0.00 plus 10% -$71 $222 -$588 .. $0.00 plus 10% -$222 $254 -$815. $18.30 plus 12 -$2541 $588 $1,711.. $36.60 plus 12% - $588 S815 - $1,658 .. $85.62 plus 22% -$815 $1.711 - $3,395 .. $171.36 plus 22% -$1.711 $1,658 -$3,100.. $271.08 plus 24% -$1,658 $3,395 $6,280 .. $541.84 plus 24% $3395 $3,100 - $3,917 .. $617.16 plus 32% -$3,100 $6,280 $7,914 . . $1,234 24 plus 32% -$6,280 $3.917 -$9.687 $878.60 plus 35% -$3.9171 $7.914 $11,761, $1,757,12 plus 35% -$7914 $9.687. $2.898.10 plus 37% $9.6871 $11.761.. $3.103.57 plus 37% -$11,761 TABLE 2-BIWEEKLY 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 alowances) is: to withhold is: withholding allowances) is: to withhold is: Not over $142 . . $0 Not 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 .S000 plus 10% -$444 $509 -$1,631.. $36.70 plus 12% -$509 $1,177 -$3,421 . . $73.30 plus 12% -- $1,177 $1,631 -$3,315 .. $171.34 plus 22% -$1.6315421 36,790 .. $342.58 plus 22% -$3,421 $3,315 - $6.200 .. $541.82 plus 24% -$3,315 $6,790 $12,560 .. $1,083.76 plus 24% - $6.790 $6,200 -$7,835 .. $1.234.22 plus 32% - $6.2001 $12,560 -$15,829 .. $2,468.56 plus 32% -$12,560 $7,835 $19,373 .. $1,757.42 plus 35% -$7,835 $15,829 -$23,521 .. $3,514.64 plus 35% -$15,829 $19.373.. $5.795.72 plus 37% -$19.373 $23.521 ... $6.206.84 plus 37% $23.521 TABLE 3-SEMIMONTHLY Payroll Period -$154 (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 alowances) is: to withhold is: withholding allowances) is: to withhold is: Not over $154... ...SO Not over $481...... SO Over- But not over- of excess over-Over- But not over- of excess over- $154 $551 $0.00 plus 10% $481 $1,275 .. $0.00 plus 10% -$481 $551 - $1,767 .. $39.70 plus 12% -$551 $1.275 - $3,706 .. $79.40 plus 12% -$1 275 $1,767 - $3,592 .. $185.62 plus 22% -$1.767 $3,706 $7,356 .. $371.12 plus 22% -- $3,706 $3,592 $6,717 .. $587.12 plus 24% -$3,592 $7,356 $13,606 .. $1,174.12 plus 24% - $7,356 $6.717 -$8,488 .. $1,337.12 plus 32% -$6,717 $13,606 -$17,148 .. $2,674.12 plus 32% -$13,606 $8,488 -$20,988 .$1,903.84 plus 35% -$8.488 $ 17,148 $25,481 $3.807.56 plus 35% -$17,148 $20,988........... $6.278,84 pus 37% $20.988) $25,481 ........... $6.724.11 plus 37% -$25,481 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 alowances) is: to withhold is: withholding allowances) is: to withhold is: Not over $308 ... . $0 Not over $963.... . SO Over But not over- of excess over-lover- But not over- of excess over- $308 -$1,102 .. $0.00 plus 10% -$308 $963 -$2,550 .. $0.00 plus 10% $963 $1,102 -$3.533 $79.40 plus 12 -$1,102 $2,550 $7.413.. $158.70 plus 12% $2.550 $3,533 - $7,183 .. $371.12 plus 22% -$3,533 $7,413 $14,713 .. $742.26 plus 22% -$7,413 $7,183 -$13,433 .. $1,174.12 plus 24% -$7.183 $14.713 - $27.213 .. $2,348.26 plus 24% -$14.713 $13,433 - $16975 .. $2,674.12 plus 32% -$13,433 $27.213 $34,296 .. $5,348.26 plus 32% - $27213 $16,975 -$41,975 .. $3,807,56 plus 35% -$16,975 $34,296 -$50,963 .. $7,614.82 plus 35% -$34 296 $41,975............ $12,557,56 plus 37% -$41,975 $50,963........... $13,448.27 plus 37% -$50,963Step by Step Solution
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