Question
Joseph O'Neil has a bonus of 85000 aggregated to his paycheck of 2307.69. HIs is married and has 3 allowances. He is paid biweekly. I
Joseph O'Neil has a bonus of 85000 aggregated to his paycheck of 2307.69. HIs is married and has 3 allowances. He is paid biweekly. I have to use the 2019 tax tables. He is also contributing 4000 to his simple IRA (it's within the 13000 limits for 2019).
This is what I have
85000 bonus + 2307.69= 87307.69
87307.69-4000=83307.69
83307.69-(161.50*3) =82823.19
82823.19 taxable income Anything over 24006 is taxed at 37% PLUS +6335.10
I have his FIT at 28097.46
I am not sure that I have this calculated out correctly and my net pay is off from the check figures in the book. Please help.
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