Question
Regular Earnings Overtime Earnings Total Earnings Deductions Net Paid Taxable Earnings Hrs. Rate Per Hour Amount Hrs. Rate Per Hour Amount OASDI HI FIT SIT
Regular Earnings | Overtime Earnings | Total Earnings | Deductions | Net Paid | Taxable Earnings | ||||||||||||||||
Hrs. | Rate Per Hour | Amount | Hrs. | Rate Per Hour | Amount | OASDI | HI | FIT | SIT | SUTA | CIT | Group Ins. | Union Dues | SIMPLE | Ck. No. | Amount | OASDI | HI | FUTA | SUTA | |
2307.69 | 75,000 | 77,307.69 | 5096.4 | 1120.96 | 2373.35 | 54.12 | 3015.31 | 27 | 4000 | 0 | 73,307.69 |
I'm having issues figuring out O'Neill's FIT He is married and has 4 allowances. His regular pay is 2307.69 biweekly and always works 40 hrs but it is December's last pay roll and he has received 75,000 bonus it is added as supplemental pay to his gross pay. He has increased the simple deduction to 4,000. To determine the FIT use the table of allowance Values along with Tax table and do not round the aggregate to the nearest earnings dollar. His yearly salary is 60,000. The past fit payments have been 191,191,191,86,86. Please show how to calculate this so I can under stand it better. If other information is needed please specify.
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