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 $2,350? (Use Table 7.1 and Table 7.2). (Round your answer to the nearest cent.) Net pay 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 The amount of income tax to withhold is SO TABLE 1-WEEKLY Payroll Period (a) SINGLE person (including head of household) (6) MARRIED person If the amount of wages (after I the amount of wages (ather subtracting with holding The amount of income tax Subtracting withholding allowances) to withhold is allowances) is: Not over $44 Not over $165.... Over But not over of excess over Over- But not over 3000 plus 10% $165 $17 80 plus 15% $520 -$1 606 $1.789 $99.10 plus 25% $1.000 -$3,073 $1,789 $9685 $355 35 plus 28% $1.789 $3,073 -$4,597 $3,685 $7.958 $ 23 plus 33% $4.597 $8,079 $7958 $7.990 $2 296 32 plus 35% $7.958 $8.079 $9.105 $7.990 S 7 52 plus 1964 $7.900 $0 105 of excess over $0.00 plus 10% $165 $35 50 plus 15% $198.40 plus 25% $1.606 ..$565.15 plus 28% $3,073 .. $991.87 plus 33% -$4,597 . 12.140.30 plus 35% $8.079 500.03 plus 39.6% -59.105 $3.66 The amount of income tax to withheld is TABLE 2-BIWEEKLY Payroll Period (a) SINGLE person (including head of hou (b) MARRIED person If the amount of wages (after If the amount of wages (after subtracting withholding The amount of Subtracting witholding allowances to withholds allowances) is Not over $88 Not over $331 Over- But not over of excess over Over But not over 000 u 1046 $331 $1,040 $1.529 $35.50 plus 15% $443 $1040 -53212 $3579 $198.40 plus 25% $1.529 $3.579 $710.90 plus 28% 11-$1.579 $6.146 $9.194 $7 369 515,915 $1.772.10 plus 33 5 7,300 $0.194 $16.158 $15 915 -$15.981 $4.502 28 plus 35% $15 915 $16.158 $18 210 $15.981 $4,615 38 plus 39.66 $15.081 S1210 $449 of excess over- 50.00 plus 10% $70 90 plus 15% $1.040 $396.70 plus 25% $3,212 $1.130.20 plus 2 5 6.146 $1983.64 plus 33 -$9.194 $4,281.76 plus 35% $4.999.96 plus 39.6%-$18.210 -57369 The amount of income 10 witholds TABLE 3-SEMIMONTHLY Payroll Period (a) SINGLE person (including head of household) (b) MARRIED person If the amount of wages (atter If the amount of wages (after subtracting withholding The amount of income tax Subtracting withholding allowances) is to withhold is allowance) Not over $96. Not Over $350 Over But not over of excess over Over but not over $0.00 plus 10% -$96 $350 -$1,127 -51 656 $38.40 plus 15% -$480 $1,127 -$3,479 -$3.877 $214.80 plus 25% - $1.656 $3.470 .658 $3.877 -$7.983 .. $770 05 plus 28% - 1.877 $6,658 -$9.960 $7,983 -$17 242 $1919.73 plus 3:39 5703 $9.000 $17,304 $17.242 -517313 54,075 20 plus 35% -517.242 $17.504 $19.727 $17313 55 000 05 plus 39 69 517 313 $19.727 $1,656 50.00 plus 10% $700 plus 15% 3429.70 plus 25% $1,224.45 plus 28% 2.14001 plus 33% 6853 354 5.416. Sa pus 39.6 $358 -$1,127 $1479 -56.658 -30.960 517 504 -312 727 The amount of income tax to withholds TABLE 4-MONTHLY Payroll Period (a) SINGLE person (including head of household)- (b) MARRIED person- If the amount of wages (after If the amount of wages (atter Subtracting withholding The amount of income tax subtracting w holding allowance is to withheld is allowances) Not over $192 Not Over $717 Over- But not over of excess over Over But not over $192 $950 .. $0.00 plus 10% $717 $060 $3313 $76 80 plus 15% 5000 $6.958 $3,313 $7,754 ... $429.75 plus 25% $3,313 $6.958 $7,754 515,967 ... $1,540.00 plus 28% $7,754 $13,317 519,921 $15.067 $34483 .. $3,800.64 plus 33% $15,067 $19.921 35 008 $34,625 $0.00 $0 plus 3% $34.483 $149 plus 6 46 $0 00 plus 10% $153.70 plus 15% SR530 plus 255 12.449 05 plus 20% $4.2017 ps33% $0.270 88 355 $10 plus 39 $13,317 $19.821 35.000 39.454