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 62% 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 $1,500? (Use Table 71 and Table 72) (Round your answer to the nearest cent.) Net pay Payroll Period One Withholding Allowance Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of the payroll period) $ 76.90 153.80 166.70 333.30 1,000.00 2,000.00 4,000.00 15.40 -588 Percentage Method Tables for Income Tax Withholding TABLE 1WEEKLY Payroll Period (a) SINGLE person including head of household |(D) MARRIED person- of the amount of wages ut 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 withholdis: Not over $44 $0 Not over $165 $0 Over- But not over of excess over-Over- But not over of excess over $44 -$222 $0.00 plus 10% -$44 $165 -$520 $0.00 plus 10% -5165 $222 -5764 $17.80 plus 15% -$222 5520 -$1.600 $35.50 plus 15% -5520 $764 -$1,789 $99.10 plus 25% --$764 $1,606 -$3,073 $198.40 plus 25% -$1.500 $1,789 - $3,685 $355.35 plus 28% - 31,789 $3,073 $4,597 $565.15 plus 28% -$3,073 $3,685 -$7,958 $836.23 plus 33% -33.685 $4,597 - $8,079 $991.87 plus 33% -$4.597 $7.958 -$7.990 $2298.32 plus 35% -37.958 $8.079 -$9,105 $2.140.93 plus 35% -$8.079 $7990 $2 307.52 plus 39.6% -57.990 $9,105 $2.500.03 plus 39.6% -$9,105 TABLE 2-BIWEEKLY Payroll Period (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 withholdis: withholding allowances) is to withholdis: Not over $88 50 Not over $331 SO Over- But not over of excess over-Over- But not over of excess over $88 ---5443 S000 plus 10% $331 -$1,040 $0.00 plus 10% -$331 $443 -$1,529 $35 50 plus 15% -$443 $1,040 -53.212 570 90 plus 15% -$1,040 $1,529 --$3,579 $198.40 plus 25% -31,529 $3.212 -$8,146 $396.70 plus 25% -$3.212 $3,579 -$7,369 $710.90 plus 28% -33,579 $6.146 -$9.194 $1,130 20 plus 28% --$6.146 $7,369 -$15.915 $1.772.10 plus 33% -37,369 $9,194 -$16,158 $1.983.64 plus 33% -$9,194 $15.915 -$15.981 $4592.28 plus 35% -$15,915 $16.158 - $18.210 $4,281.78 plus 35% -516,158 $15.981 S4615 38 plus 39.6% -$15.981 $16.210 $4.999.96 plus 39.6% -$18,210 TABLE 3-SEMIMONTHLY Payroll Period (M) 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) to withhold is Not over $96 SO Not over $358 SO Over But not over of excess over Over- But not over- of excess over $96 -$480 $0.00 plus 10% -596 $358 -$1.127 $0.00 plus 10% -5358 $480 - $1,656 $38.40 plus 15% - $480 $1,127 -$3.479 $76 90 plus 15% - $1,127 $1,656 -$3,877 $214,80 plus 25% -$1,656 $3,479 -$8,658 $429.70 plus 25% --$3,479 $3,877 -57,963 S770.05 plus 28% -33,877 56.658 -$9.960 $1.224.45 plus 28% -$5,658 $7 983 -$17.242 $1919.73 plus 33% -$7.983 $9.980 -$17.504 $2.149,01 plus 33% -$9.960 $17.242 -$17,313 $4975.20 plus 35% -$17.242 517,504 -$19,727 $4.638.63 plus 35% -$17,504 $17,313 S5000 OS plus 38.6% -$17,313 $19,727 $5.416,58 plus 39.6% - $19,727 TABLE 4-MONTHLY Payroll Period (*) 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 withholdis: Not over $192 50 Not Over $717 $0 Over- But not over of excess over Over- But not over of excess over $192 -$900 $0.00 plus 10% -$192 $717 --$2,254 $0.00 plus 10% -5717 $900 --$3,313 $76,80 plus 15% -5960 $2.254 --$6.958 $153.70 plus 15% -$2.254 $3,313 -$7.754 $429.75 plus 25% -$3,313 $6,958 -$13,317 $859.30 plus 25% -$5.958 $7.754 -$15,967 $1,540,00 plus 28% -37,754 $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 $4.298.17 plus 33% -$19.921 $34.483 -$34,625 $9 949.92 plus 35% -$34.483 $35.000 - $39.454 $9.278 88 plus 35% -$35.000 $34,625 $9.999.62 plus 39.6% -$34,625 $39,454 $10,832 98 plus 39.8% -$39.454 Payroll Period One Withholding Allowance Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annually Daily or miscellaneous (each day of the payroll period) $ 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 (*) SINGLE person (including head of household (b) MARRIED person- If the amount of wages of the amount of wages (for subtracting The amount of income tax (ator subtracting The amount of income tax withholding allowances) is: to withhold is withholding allowances) is to withholdis Not over $44 50 Not over $165 $0 Over But not over of excess over-Over- But not over of excess over $44 -$222 $0.00 plus 10% $165 -$520 $0.00 plus 10% -5165 $222 -5754 $17.80 plus 15% $222 $520 -$1.505 $35 50 plus 15% -$520 $764 -$1.789 599.10 plus 25% --$764 $1,606 -$3,073 $198.40 plus 25% -$1,000 $1.780 $3,685 $355 35 plus 28% 31,789 $3,073 -$4,597 $565.15 plus 28% -$3,073 $3.685 --$7.958 $888.23 plus 33% -33,685 $4,597 -$8.079 $991.87 plus 33% -$4,597 $7.958 -$7.990 $2296 32 plus 35% -37.958 $8.079 --$9,105 $2.140.93 plus 35% -$8,079 $7.990 $2307 52 plus 39.6% $7.900 $9,105 $2.500.03 plus 39.6% -$9,105 $44