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Please show excel formulas used with work shown G 1 Somewhere on this sheet make the calculations for the Federal Income Tax Withholding Deduction for
Please show excel formulas used with work shown
G 1 Somewhere on this sheet make the calculations for the Federal Income Tax Withholding Deduction for the below employee. 2 You can use the long-hand method, or the automatic method. 3 4 5 6 7 Percentage Method Tables for Federal Income Tax Withholdings (For Wages Paid in 2018) 8 Allowance Amounts Table: 9 Amount for One Withholding Allowance Single - WEEKLY Payroll Period Tax Table: 10 (Married or Single) (a) SINGLE person (including head of household) 11 12 Lookup Columns: 1 2 Lookup Columns: 2 3 4 5 Amount for One Upper Limit Cumulative Tax No of Periods in Withholding Taxable Pay Taxable Pay Previous From Previous 13 Year Payroll Period Allowance Lower Limit Upper Limit Tax Rate Category Categories Tax Rule in Full: 14 52 Weekly $79.80 $0.00 $71 0% $0 15 26 Biweekly $159.60 $71.01 $254 10% $71 $0.00 $0.00 + (Employee's Taxable Pay - $71) * 10% 16 24 Semimonthly $172.90 $254.01 $815 12% $254 $18.30 $18.30 + (Employee's Taxable Pay - $254) * 12% 17 12 Monthly $345.80 $815.01 $1,658 22% $815 $85.62 $85.62 + (Employee's Taxable Pay - $815) * 22% 18 4 Quarterly $1,037.50 $1,658.01 $3,100 24% $1,658 $271.08 $271.08 + (Employee's Taxable Pay - $1,658) * 24% 19 2 Semiannually $2,075.00 $3,100.01 $3,917 32% $3,100 $617.16 $617.16 + (Employee's Taxable Pay - $3,100) * 32% 20 1 Annually $4,150.00 $3,917.01 $9,687 35% $878.60 $878.60 + (Employee's Taxable Pay - $3,917) * 35% 21 $9,687.01 more 37% $9,687 $2,898.10 $2,898.10 + (Employee's Taxable Pay - $9,687) * 37% 22 23 Employee Gigi Hin 24 Payroll Period Weekly 25 Gross Pay $2,950.33 26 Marital Status Single 27 # of Withholding Allowances 2 28 Federal Income Tax Withholdings? 29 30 $0.00 $3,917Step by Step Solution
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