Question

Complete the following weekly payroll: Assume: (1) FIT calculated by percentage method; (2) Social Security 6.2%...

Complete the following weekly payroll:

Assume: (1) FIT calculated by percentage method; (2) Social Security 6.2% on $128,400; and Medicare 1.45%. Cumulative balance before this payroll is below maximum as related to cumulative earnings in calculating Social Security.

Name: Joe Riense
Marital Status: Married
Exemptions Claimed: 3
Gross: $1,400

FIT: ?
Social Security: ?
Medicare: ?
Net Pay: ?

What is the FIT, Social Security, Medicare, and Net Pay?
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Answer #1
Gross pay $              1,400
Withholding deductions
Federal income tax $           134.04
Social security $             86.80
FICA tax Medicare $             20.30
$           241.14
Net pay $        1,158.86

Federal taxable income = 1400 - 79.8*3 = 1160.6

FIT =36.6+(1160.60-588)*12%

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