Jim Push, a manager for Marvy Co., has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim has earned $118,000 and is therefore $500 below the maximum level for Social Security. What will his net pay be if he earns $760 this week? Jim is married and claims one exemption. Use the percentage method. Assume a FICA tax rate of 6.2% on $118,500.

Please show all of the steps that you used to calculate and the answers for the following:

Social Security

Medicare

FIT

Net Pay

Connect - Class: Slater, FX M MHE Reader ation.com/#/epub/sn_f172#epubcfi(%2F6%2F86%5Bdata-uuid-e80b709a730f4d51a6fe610341967d7c5D!%2F4%2F2X5Bdata-uuid ef596! Payroll Period Weekly Biweekly .. Semimonthly Monthly One Withholding Allowance $ 79.80 159.60 172.90 345.80 1,037.50 2,075.00 4,150.00 Quarterly Semiannually Annually.... Daily or miscellaneous (each day of the payroll period) 16.00 s * Percentage method income tax withholding schedules n/#/epub/sn_f172#epubcfi(%2F6%2F86%5Bdata-uuid-e80b709a730f4d51a6fe610341967d7c%50I%2F4%2F2%5Bdata- Percentage Method Tables for Income Tax Withholding (For Wages Paid In 2018) The amount of income tax to withhold is: TABLE 1-WEEKLY Payroll Period (a) SINGLE person (including head of household) (b) MARRIED person- # 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 $71. Not over $222 ... Over But not over- of excess over-Over- But not over- $71 -$254 $0.00 plus 10% ---$71 $222 $588 $254 $815 $18.30 plus 12% -$254 5588 - $1.711 $815 -$1.658. $85.62 plus 22% -5815 $1,711 -$3,395 $1,658 $3.100 $271.08 plus 24% -$1.658 $3.395 -56.280 $3.100 -$3.917 $617.16 plus 32 -53.1001 $6.280 $6.280 - $7.914. $3.917 --$9,687 $878.60 plus 35% -$3.917 57.914 -$11,761 $9.687 $2.898.10 plus 37% --59,687 $11,761 TABLE 2-BIWEEKLY Payroll Period $0.00 plus 10% $36.60 plus 12% $171.36 plus 22% $541.84 plus 24% 91.234.24 plus 32% $1.757.12 plus 35% $3.103.57 plus 37% of excess over- -$222 $588 $1.711 -$3,395 $5,280 -$7.914 $11,761 SO (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 $142 Not over $444 Over But not over of excess over Over But not over $142 -$509 S0.00 plus 10" $142 $444 $1,177 $509 -$1.631 $36.70 plus 12 -S509 $1,177 -$3.421. $1.631 --$3315 $17134 plus 225 -$1.631 $3.421 -56.790 $3,315 $6.200 S541 82 plus 24% - $3,315 56,790 $12.560 $6.200 57835 S1 234 22 plus 32% - $6.200 $12.560 $15.829 $7 835 $1.757.42 plus 35% SR35 $15.829 -$23.521 $19.373 $5.795 72 plus 37 $19.373 $23.521 TABLE 3-SEMIMONTHLY Pavroll Period The amount of income tax to withhold is SO of excess over- $0.00 plus 10% $444 $73.30 plus 12% -$1.177 $342.58 plus 22% -$3.421 $1.083.75 plus 249 -$6.790 $2468 56 plus 32 $12 560 $3.514.64 plus 35 -$15.829 $6 206 84 plus 37% WN C UYORDU1405 raofe610341967d7c%5D1%2F4%2F2%5Bdata-uuid ef596c670afl $12,560 $15.829 $23.521 $1937 $6.200 $1.234.22 plus 32% $12.560 $15.829 $2.468.56 plus 32% $7,835 $19.373 $1.757.42 plus 35% $15.829 $23.521 $3,514.64 plus 35% $5.795.72 plus 37% $23.521 56208.84 plus 37% TABLE 3-SEMIMONTHLY Payroll Period (*) SINGLE person (including head of household) (b) MARRIED person w the amount of wages the amount of wages (ater 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 $154 Not over $481 Over But not over of excess over-Over But not over $154 $0 00 plus 10% $164 SAR1 -$1,275 $0.00 plus 10% $551 $1,767 $39.70 plus 12% -$551 $1,275 -$3,706 $79.40 plus 12% $1,767 -$3,592 $185.62 plus 22% $1.767 $3,706 ---$7,356 $371.12 plus 22% $3,592 -$6.717 $587.12 plus 24% $3,592 $7.356 $13,606 $1,174.12 plus 24% $6,717 58.488 $1.337.12 plus -$6,717 $13.606 -$17,148 $2,674.12 plus 32% $8,488 $20.988 $1.903 84 plus 35% -$8.488 $17,148 -$25.481 $3.807.56 plus 35% $20.988 $6.278.4 plus 37 $20.988 $25,481 $6.724.11 plus 37 TABLE 4 MONTHLY Payroll Period SO SO Over $481 $1275 53,706 -$7356 -$13.606 $17.148 25,481 The amount of income tax to withholdis SO (a) SINGLE person (including head of household) fb) MARRIED person the amount of wages the amount of wages (after subtracting The amount of income tax altor subtracting withholding allowances) to withhoid is withholding allowances is Not over $308 Not Over $963 Over But not over of excess over Over But not over $308 -$1.102 50.00 plus 10% $308 5963 -$2.550 $1,102 -$3.533 S79:40 plus 12 $1.102 52,550 -$7413 $3,533 -$7.183 5371,12 plus 22% $3533 $7,413 $14.713 57,183 -$13433 $1.174.12 plus 24 -$7.183 316 713 -$27 213 $13.433 $16.975 52 574.12 plus $13143327213 $426 516 975 -$41,975 $3 807 56 34 $16.975 $34.296 - $50.963 $41,975 $12.557.56 plus 379 $11.95 $50.053 50.00 plus 10% $158.70 plus 12% 5742 25 plus 22 $2.348 26 plus 24% S5348 26 plus 32% $7,614.82 plus 35% $13.448.27 plus 37% of excess over 5963 -$2.550 $7 413 -314713 -$27 213 $34 296 $50,963 CLOSE Connect - Class: Slater, FX M MHE Reader ation.com/#/epub/sn_f172#epubcfi(%2F6%2F86%5Bdata-uuid-e80b709a730f4d51a6fe610341967d7c5D!%2F4%2F2X5Bdata-uuid ef596! Payroll Period Weekly Biweekly .. Semimonthly Monthly One Withholding Allowance $ 79.80 159.60 172.90 345.80 1,037.50 2,075.00 4,150.00 Quarterly Semiannually Annually.... Daily or miscellaneous (each day of the payroll period) 16.00 s * Percentage method income tax withholding schedules n/#/epub/sn_f172#epubcfi(%2F6%2F86%5Bdata-uuid-e80b709a730f4d51a6fe610341967d7c%50I%2F4%2F2%5Bdata- Percentage Method Tables for Income Tax Withholding (For Wages Paid In 2018) The amount of income tax to withhold is: TABLE 1-WEEKLY Payroll Period (a) SINGLE person (including head of household) (b) MARRIED person- # 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 $71. Not over $222 ... Over But not over- of excess over-Over- But not over- $71 -$254 $0.00 plus 10% ---$71 $222 $588 $254 $815 $18.30 plus 12% -$254 5588 - $1.711 $815 -$1.658. $85.62 plus 22% -5815 $1,711 -$3,395 $1,658 $3.100 $271.08 plus 24% -$1.658 $3.395 -56.280 $3.100 -$3.917 $617.16 plus 32 -53.1001 $6.280 $6.280 - $7.914. $3.917 --$9,687 $878.60 plus 35% -$3.917 57.914 -$11,761 $9.687 $2.898.10 plus 37% --59,687 $11,761 TABLE 2-BIWEEKLY Payroll Period $0.00 plus 10% $36.60 plus 12% $171.36 plus 22% $541.84 plus 24% 91.234.24 plus 32% $1.757.12 plus 35% $3.103.57 plus 37% of excess over- -$222 $588 $1.711 -$3,395 $5,280 -$7.914 $11,761 SO (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 $142 Not over $444 Over But not over of excess over Over But not over $142 -$509 S0.00 plus 10" $142 $444 $1,177 $509 -$1.631 $36.70 plus 12 -S509 $1,177 -$3.421. $1.631 --$3315 $17134 plus 225 -$1.631 $3.421 -56.790 $3,315 $6.200 S541 82 plus 24% - $3,315 56,790 $12.560 $6.200 57835 S1 234 22 plus 32% - $6.200 $12.560 $15.829 $7 835 $1.757.42 plus 35% SR35 $15.829 -$23.521 $19.373 $5.795 72 plus 37 $19.373 $23.521 TABLE 3-SEMIMONTHLY Pavroll Period The amount of income tax to withhold is SO of excess over- $0.00 plus 10% $444 $73.30 plus 12% -$1.177 $342.58 plus 22% -$3.421 $1.083.75 plus 249 -$6.790 $2468 56 plus 32 $12 560 $3.514.64 plus 35 -$15.829 $6 206 84 plus 37% WN C UYORDU1405 raofe610341967d7c%5D1%2F4%2F2%5Bdata-uuid ef596c670afl $12,560 $15.829 $23.521 $1937 $6.200 $1.234.22 plus 32% $12.560 $15.829 $2.468.56 plus 32% $7,835 $19.373 $1.757.42 plus 35% $15.829 $23.521 $3,514.64 plus 35% $5.795.72 plus 37% $23.521 56208.84 plus 37% TABLE 3-SEMIMONTHLY Payroll Period (*) SINGLE person (including head of household) (b) MARRIED person w the amount of wages the amount of wages (ater 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 $154 Not over $481 Over But not over of excess over-Over But not over $154 $0 00 plus 10% $164 SAR1 -$1,275 $0.00 plus 10% $551 $1,767 $39.70 plus 12% -$551 $1,275 -$3,706 $79.40 plus 12% $1,767 -$3,592 $185.62 plus 22% $1.767 $3,706 ---$7,356 $371.12 plus 22% $3,592 -$6.717 $587.12 plus 24% $3,592 $7.356 $13,606 $1,174.12 plus 24% $6,717 58.488 $1.337.12 plus -$6,717 $13.606 -$17,148 $2,674.12 plus 32% $8,488 $20.988 $1.903 84 plus 35% -$8.488 $17,148 -$25.481 $3.807.56 plus 35% $20.988 $6.278.4 plus 37 $20.988 $25,481 $6.724.11 plus 37 TABLE 4 MONTHLY Payroll Period SO SO Over $481 $1275 53,706 -$7356 -$13.606 $17.148 25,481 The amount of income tax to withholdis SO (a) SINGLE person (including head of household) fb) MARRIED person the amount of wages the amount of wages (after subtracting The amount of income tax altor subtracting withholding allowances) to withhoid is withholding allowances is Not over $308 Not Over $963 Over But not over of excess over Over But not over $308 -$1.102 50.00 plus 10% $308 5963 -$2.550 $1,102 -$3.533 S79:40 plus 12 $1.102 52,550 -$7413 $3,533 -$7.183 5371,12 plus 22% $3533 $7,413 $14.713 57,183 -$13433 $1.174.12 plus 24 -$7.183 316 713 -$27 213 $13.433 $16.975 52 574.12 plus $13143327213 $426 516 975 -$41,975 $3 807 56 34 $16.975 $34.296 - $50.963 $41,975 $12.557.56 plus 379 $11.95 $50.053 50.00 plus 10% $158.70 plus 12% 5742 25 plus 22 $2.348 26 plus 24% S5348 26 plus 32% $7,614.82 plus 35% $13.448.27 plus 37% of excess over 5963 -$2.550 $7 413 -314713 -$27 213 $34 296 $50,963 CLOSE