Question
THE QUESTION IS ALL THE WAY AT THE BOTTOM :) TABLES BELOW ARE NECESSARY FOR THE PROBLEM: Table 9.1 Withholding allowance Take the weekly total
THE QUESTION IS ALL THE WAY AT THE BOTTOM :) TABLES BELOW ARE NECESSARY FOR THE PROBLEM:
Table 9.1 Withholding allowance
Take the weekly total pay and Multiply the number of 1 allowance by $76.90. One Weekly allowance is $76.90. (Ex. Allowances claimed: 2. So you take 2 x $76.90 = $153.80 - Weekly Pay= amount and take it from table 9.2)
Table 9.2:
**QUESTION: "Assume a tax rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. Assume payroll period: weekly. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1 and Table 9.2). (Do not round intermediate calculations. Round your final answers to the nearest cent.)
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| FICA |
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Employee | Marital status | Allowances claimed | Gross pay | FIT | S.S. | Med. | Net pay |
Mike Rice | M | 2 | $1,600 | $ | $ | $ | $ |
TABLE 9.1 TABLE One Withholding Allowance Payroll Period Weekly . . . . Semimonthly Percentage method income tax withholding allowances $ 76.90 153.80 166.70 333.30 1,000.00 2,000.00 4,000.00 Monthly Annually Daily or miscellaneous (each day of the payroll period) 15.40
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