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 $1,750? (Use Table 71 and Table 7.2). (Round your answer to the nearest cent.) Net pay One Withholding Payroll Period Allowance Weekly Biweekly Semimonthly 76.90 153.80 166.70 Monthly Quarterly Semiannually 333.30 1,000.00 2,000.00 Annually Daily or miscellaneous (each day of the payroll period) 4,000.00 15.40 Percentage Method Tables for Income Tax Withholding TABLE 1-WEEKLY Payroll Period |(b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $165 (a) SINGLE person (including head of household) If the amount of wages (after subtracting withholding allowances) is: Not over $44 The amount of income tax to withhold is: $0 The amount of income tax to withhold is: $0 of excess over- Over- -$44 -$222 -$764 -$1,789 -$3,685 -$7,958 -$7,990 TABLE 2-BIWEEKLY Payroli Period of excess over- -$165 -$520 -$1,606 -$3,073 -$4,597 -$8,079 -$9,105 Over- $44 $222 $764 $1,789 $3,685 $7,958 $7,990 But not over- -$222 -$764 $17.80 plus 15 % -$1,789 $99.10 plus 25 % $3,685 -$7,958 $886.23 plus 33 % -$7,990 But not over- -$520 -$1,606. $35.50 plus 15 % -$3,073 $198.40 plus 25% -$4,597 -$8,079 -$9,105 $0.00 plus 10% $165 $520 $1,606 $3,073 $4,597 $8,079 $9.105 $0.00 plus 10% $355.35 plus 28 % $565.15 plus 28 % $991.87 plus 33% $2,140.93 plus 35% $2,500.03 plus 39.6% $2,296.32 plus 35% $2,307.52 plus 39.6% (b) MARRIED person- If the amount of wages (a) SINGLE person (including head of household) If the amount of wages (after subtracting withholding allowances) is: Not over $88 Over- $88 $443 $1,529 $3.579 $7,369 $15,915 $15,981 (after subtracting The amount of income tax to withhold is: The amount of income tax to withhold is $0 withholding allowances) is: Not over $331 .. of excess over-Over of excess over- -$331 -$1,040 But not over- -$443 -$1,529 $35.50 plus 15% -$3,579 $198.40 plus 25 % $7,369 $710.90 plus 28 % $15,915 $1,772.10 plus 33% -$15,981. $4,592.28 plus 35% But not over- -$1,040 -$3,212 -$6,146 -$9,194 -$16,158 -$18.210 $0.00 plus 10% $70.90 plus 15% $396.70 plus 25% $1,130.20 plus 28% $1,983.64 plus 33% $4,281.76 plus 35% $4,999.96 plus 39.6% $331 $0.00 plus 10% -$88 -$443 -$1,529 -33,579 $1,040 $3,212 $6,146 -$3,212 -$6,146 -$9,194 -$16,158 $18,210 -$7,369 $9.194 -$15,915 $16,158 -$15,981 $18,210 .. $4.615.38 plus 39.6 % TABLE 3-SEMIMONTHLY Payroll Period |(b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $358 . (a) SINGLE person (including head of household) If the amount of wages (after subtracting withholding allowances) is: Not over $96 Over- $96 $480 $1,656 $3,877 $7,983 $17,242 $17,313 The amount of income tax to withhold is: $0 The amount of income tax to withhold is: $0 of excess over- Over $358 $1,127 $3,479 $6,658 $9,960 $17,504 $17,313 $19,727 But not over- -$480 $0.00 plus 10 % -$1,656 $33.40 plus 15 % $3,877 $214.80 plus 25 % -$7,983 $770.05 plus 28% -$17,242 -$17,313 But not over- -$1,127 $0.00 plus 10 % -$3,479 $76.90 plus 15 % -$6,658 $429.70 plus 25 % -$9,960 -$17,504 -$19.727 of excess over- -$358 -$1,127 -$3,479 $6,658 $9.960 -$17,504 $19,727 -$96 $480 -$1.656 -$3.877 -$7,983 -$17,242 $1,224.45 plus 28% $2,149.01 plus 33% $4,638.53 plus 35% $5,416.58 plus 39.6 % $1,919.73 plus 33% $4,975.20 plus 35 % $5,000.05 plus 39.6% . TABLE 4-MONTHLY Payroll Period |(b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $717 (a) SINGLE person (including head of household) If the amount of wages (after subtracting withholding allowances) is: Not over $192. The amount of income tax to withhold is: The amount of income tax to withhold is: $0 Over $192 $960 $3.313 $7,754 $15.967 $34.483 $34,625 of excess over- Over- -$192 -$960 -$3,313 -$7,754 $15,967 -$34.483 -$34,625 But not over- $960 $0.00 plus 10 % -$3,313 $76.80 plus 15 % -$7,754 $429.75 plus 25 % -$15,967 $1,540.00 plus 28 % -$34,483 -$34,625 $9,949.92 plus 35 % But not over- -$2,254 -$6,958 -$13,317 -$19,921 $35,008 $39,454 of excess over- -$717 -$2,254 -$6,958 -$13,317 -$19,921 -$35,008 $39,454 $717 $2,254 $6.958 $13,317 $19,921 $35,008 $39,454 $0.00 plus 10 % $153.70 plus 15 % $859.30 plus 25% $2,449.05 plus 28 % $4,298.17 plus 33% $9,276.88 plus 35% $10,832.98 plus 39.6% $3,839.64 plus 33 % $9,999.62 plus 39.6%