Table 7.1
Table 7.2
Jim Push, a manager for Marvy Co., has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim is $500 below the maximum level for Social Security. What will his net pay be if he earns $760? Jim is married and claims one exemption. Use the percentage method. Assume a FICA tax rate of 6.2% on $118,500. (Use Table 71 and Table 7.2) (Round your final answer to the nearest cent.) 655.04 One Withholding Payroll Period Allowance Weekly Biweekly Semimonthly Monthly 76.90 153.80 166.70 333.30 Quarterly Semiannually 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 With holding TABLE 1-WEEKLY Payroll Period l(b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $165 .. . . . . . . - $0 (a) SINGLE person (including head of household) If the amount of wages (after subtracting withholding allowances) is: Not over $44 Over $44 $222 $764 $1,789 $3,685 $7,958 $7,990 The amount of income tax to withhold is: S0 The amount of income tax to withhold is: of excess over- Over- -$44 -$222 $764 $1,789 -$3,685 -$7,958 -$7,990| TABLE 2-BIWEEKLY Payroll Period But not over- -$222 -$764 -$1,789 -$3,685 -$7,958 -$7,990 But not over- -$520 -$1,606 $3,073 -$4,597 -$8,079 -$9,105 of excess over- -$165 -$520 -$1,606 $3,073 -$4,597 -$8,079 -$9,105 $0.00 plus 10% $17.80 plus 15% $99.10 plus 25% $355.35 plus 28% $886.23 plus 33% $2,296.32 plus 35% $2.307.52 plus 39.6% $165 $520 $1,606 $3,073 $4,597 $8.079 $9,105 $0.00 plus 10% $35.50 plus 15% $198.40 plus 25% $565.15 plus 28% $991.87 plus 33% $2,140.93 plus 35% $2,500.03 plus 39.6% |(b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $331 (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 The amount of income tax to withhold is The amount of income tax to withhold is: SO of excess over Over- But not over -$443 -$1,529 -$3,579 -$7,369 -$15,915 -$15,981 But not over- -$1,040 -$3,212 -$6,146 -$9,194 -$16,158 -$18,210 of excess over -$331 -$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% $0.00 plus 10% $35.50 plus 15% $198.40 plus 25% $710.90 plus 28% $1,772.10 plus 33% $4.592.28 plus 35% $4.615.38 plus 39.6% -$88 -$443 $331 $1,040 $3,212 $6,146 $9,194 -$1,529 -$3,579 $7,369 -$15,915 $16,158 -$15,981 $18.210 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: The amount of income tax to withhold is: $0 of excess over- Over- -$96 -$480 -$1,656 -$3,877 -$7,983 -$17,242 $17,504 -$17,313 $19,727 But not over -$480 -$1,656 -$3,877 -$7,983 -$17,242 -$17,313 But not over -$1,127 $3,479 -$6,658 -$9,960 -$17,504 -$19,727 of excess over- $358 -$1,127 -$3,479 -$6,658 -$9,960 -$17,504 $19,727 $0.00 plus 10% $76.90 plus 15% $429.70 plus 25% $1,224.45 plus 28% $2,149.01 plus 33% $4,638.53 plus 35% $5,416.58 plus 39.6% $0.00 plus 10% $38.40 plus 15% $214.80 plus 25% $770.05 plus 28% $1,919.73 plus 33% $4.975.20 plus 35% $5,000.05 plus 39.6% $358 $1,127 $3,479 $6,658 $9,960 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 Over $192 $960 $3,313 $7,754 $15,967 $34,483 $34,625 The amount of income tax to withhold is: The amount of income tax to withhold is: $0 of excess over- Over- -$192 -$960 -$3,313 But not over -$960 -$3,313 -$7,754 -$15,967 -$34,483 -$34,625 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 $0.00 plus 10% $76.80 plus 15% $429.75 plus 25% $1,540.00 plus 28% $3,839.64 plus 33 % $9,949.92 plus 35% $9,999.62 plus 39.6% $717 $2,254 $6,958 $7,754 $13,317 $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% -$15,967 $19,921 -$34,483 -$34,625 $39,454 $35,008 Jim Push, a manager for Marvy Co., has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim is $500 below the maximum level for Social Security. What will his net pay be if he earns $760? Jim is married and claims one exemption. Use the percentage method. Assume a FICA tax rate of 6.2% on $118,500. (Use Table 71 and Table 7.2) (Round your final answer to the nearest cent.) 655.04 One Withholding Payroll Period Allowance Weekly Biweekly Semimonthly Monthly 76.90 153.80 166.70 333.30 Quarterly Semiannually 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 With holding TABLE 1-WEEKLY Payroll Period l(b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $165 .. . . . . . . - $0 (a) SINGLE person (including head of household) If the amount of wages (after subtracting withholding allowances) is: Not over $44 Over $44 $222 $764 $1,789 $3,685 $7,958 $7,990 The amount of income tax to withhold is: S0 The amount of income tax to withhold is: of excess over- Over- -$44 -$222 $764 $1,789 -$3,685 -$7,958 -$7,990| TABLE 2-BIWEEKLY Payroll Period But not over- -$222 -$764 -$1,789 -$3,685 -$7,958 -$7,990 But not over- -$520 -$1,606 $3,073 -$4,597 -$8,079 -$9,105 of excess over- -$165 -$520 -$1,606 $3,073 -$4,597 -$8,079 -$9,105 $0.00 plus 10% $17.80 plus 15% $99.10 plus 25% $355.35 plus 28% $886.23 plus 33% $2,296.32 plus 35% $2.307.52 plus 39.6% $165 $520 $1,606 $3,073 $4,597 $8.079 $9,105 $0.00 plus 10% $35.50 plus 15% $198.40 plus 25% $565.15 plus 28% $991.87 plus 33% $2,140.93 plus 35% $2,500.03 plus 39.6% |(b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $331 (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 The amount of income tax to withhold is The amount of income tax to withhold is: SO of excess over Over- But not over -$443 -$1,529 -$3,579 -$7,369 -$15,915 -$15,981 But not over- -$1,040 -$3,212 -$6,146 -$9,194 -$16,158 -$18,210 of excess over -$331 -$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% $0.00 plus 10% $35.50 plus 15% $198.40 plus 25% $710.90 plus 28% $1,772.10 plus 33% $4.592.28 plus 35% $4.615.38 plus 39.6% -$88 -$443 $331 $1,040 $3,212 $6,146 $9,194 -$1,529 -$3,579 $7,369 -$15,915 $16,158 -$15,981 $18.210 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: The amount of income tax to withhold is: $0 of excess over- Over- -$96 -$480 -$1,656 -$3,877 -$7,983 -$17,242 $17,504 -$17,313 $19,727 But not over -$480 -$1,656 -$3,877 -$7,983 -$17,242 -$17,313 But not over -$1,127 $3,479 -$6,658 -$9,960 -$17,504 -$19,727 of excess over- $358 -$1,127 -$3,479 -$6,658 -$9,960 -$17,504 $19,727 $0.00 plus 10% $76.90 plus 15% $429.70 plus 25% $1,224.45 plus 28% $2,149.01 plus 33% $4,638.53 plus 35% $5,416.58 plus 39.6% $0.00 plus 10% $38.40 plus 15% $214.80 plus 25% $770.05 plus 28% $1,919.73 plus 33% $4.975.20 plus 35% $5,000.05 plus 39.6% $358 $1,127 $3,479 $6,658 $9,960 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 Over $192 $960 $3,313 $7,754 $15,967 $34,483 $34,625 The amount of income tax to withhold is: The amount of income tax to withhold is: $0 of excess over- Over- -$192 -$960 -$3,313 But not over -$960 -$3,313 -$7,754 -$15,967 -$34,483 -$34,625 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 $0.00 plus 10% $76.80 plus 15% $429.75 plus 25% $1,540.00 plus 28% $3,839.64 plus 33 % $9,949.92 plus 35% $9,999.62 plus 39.6% $717 $2,254 $6,958 $7,754 $13,317 $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% -$15,967 $19,921 -$34,483 -$34,625 $39,454 $35,008
