Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions. What is Richard's net pay for the week if he earns $1,100? (Use Table 71 and Table 72). (Round your answer to the nearest cent.) Net pay 019 BUS 110-OLEX Homework Chapter X 3 table7UPG (626xX M MHE Reader X M 1 Production/bne/business math/slater_2e/table_7_1.JPG Payroll Period Weekly ........ Biweekly Semimonthly ....... Monthly ......... Quarterly ............. Semiannually ............. Annually .......... Daily or miscellaneous (each day of the payroll period) ... One Withholding Allowance $ 76.90 153.80 166.70 333.30 1,000.00 2,000.00 4,000.00 15.40 Percentage Method Tables for Income Tax Withholding TABLE 1-WEEKLY Payroll Period (a) SINGLE person (including head of household) (D) MARRIED person- of the amount of wages (ahor subtracting The amount of income tax of the amount of wages to withhold is: (after subtracting withholding allowances) is: The amount of income tax withholding allowances) is to withhold is Not over $44...... $0 Not Over $165 .. $0 Over But not over- of excess over-Over But not over $44 of excess over - $222 $0.00 plus 10% -$44 $165 -$520 $0.00 plus 10% $165 $222 -$784 $17.80 plus 15% -$222 $520 -$1.606 .. $35.50 plus 15% $520 $754 -$1,789 $99.10 plus 25% -$764 $1,606 -$3.073 $198.40 plus 25% $1.606 $1,789 - $3.685 $355.35 plus 28% -31,789 $3.073 -$4.597 565.15 plus 28% -$8073 $3,685 - 57.958. $836.23 plus 33% -33.685 $4.597 - 070 9 91 87 plus 33% $4.597 $7.958 ---$7,990 $2296 32 plus 35% -$7.958 $8.079 -$9,105 $2,140.93 plus 35% $7.990 . $2307 52 plus 39.6% -57.990 $9,105 $2.500.03 plus 39.6% TABLE 2-BWEEKLY Payroll Period S079 (a) SINGLE person (including head of household) (b) MARRIED person the amount of wages the amount of wages (aher subtracting The amount of income tax (after subtracting withholding allowances) is: to withhold is: withholding allowances) is Not over $88 . Not over $331 Over But not over of excess over Over But not over $88 -$4435000 plus 10% -588 $331 -31,040 $443 -51,529 5 35,50 plus 15% -$443 $1.040 -3.212 $1,529 -$3,579 $198.40 plus 25% ---31,529 $3.212 -56,146 $3.579 -$7,369. $710.90 plus 28% -33.579 $6.146 -99.194 $7,369 -$15,915 $1.772.10 plus 33% -37,369 $9,194 -516,158 $15.915 -$15,981 .. $4.592.28 plus 35% -$15.915 $16,158 -$18.210 $15.981 $4 615.38 plus 39.6% -$15,981 $18 210 TABLE 3-SEMIMONTHLY Payroll Period The amount of income tax to withhold i SO of excess over $0.00 plus 10% -$331 370. O plus 15% -$1,040 $398.70 plus 25% -$3.212 $1,130 20 plus 28% -$8,146 $1,983.64 plus 33% -$9,194 $4.281.78 plus 35% -$16.158 $4999.96 plus 39.6% -$18,210 The amount of income tax to withholdis: of exces over (a) SINGLE person (including head of household)- (b) MARRIED person- If the amount of wagos If the amount of wages (wer subtracting The amount of income tax (after subtracting withholding allowances) is: to withholdis: withholding allowances) is Not over $96.. Not Over $358 Over But not over of excess over-Over But not over $96 -$480 .5000 plus 10% -996 -$1,127 $480 -$1.656 .. $33.40 plus 15% -$480 $1,127 -$3.479 $1,656 $3,877 .. $214.80 plus 25% -51,656 $3.479 - $6.658. 53.877 -57.983. S770.05 plus 28% -33.877 $6.658 -$9.960 $7,983 -$17.242. $1919.73 plus 33% -57,983 $9.980 -$17.504 $17242 -$17,313.. $4.975 20 plus 35% -$17.242 $17.504 -$19.727 $17313. 55000.00 $5.000.05 plus 39.6% -$17,313 $19.727 TABLE MONTHLY Payroll Period -$1,127 52479 $0.00 plus 10% $78.90 plus 15% $429.70 plus 25% $1.22.45 plus 2 01 plus 30% 3 plus 35% $5416.58 plus 38.8% -$17.504 (a) SINGLE person (including head of household) - |(b) MARRIED person If the amount of wages of the amount of wages (after subtracting The amount of income tax (after subtracting The amount of income tax withholding allowances) is: to withhold is: withholding allowances) is to withhold & Not over $192 ... SO Nol over 5717. 50 Over But not over- of excess over-Over But not over of excess over -$900.. $0.00 plus 10% -$192 $717 - 2.254.. $0.00 plus 10% $960 -$3,313.. $78.80 plus 15% -$900 $2254 - $6.958.. $153.70 plus 15% $3,313 -$7,754 . $429.75 plus 25% -33,313 $6.958 -13,317 $859.30 plus 254 SAS $7,754 -$15,967 .. $1.540.00 plus 28% -57,754 $13,317 -$19.921. $2,449 05 plus 28% -$13,317 $15,967 -$34,483 .. $3,839.64 plus 33% -$15.967 $19.921 -$35,008 54.298.17 plus 33 $19921 $34. 483 -$34,625 .. $9.949.92 plus 35% -$34,483 $35.008 -$39.454 $9.278 88 plus 35% $35.000 $9.999.62 plus 39.6% -$34.625 $39.454 $10.822 8 plus 39.8%