Assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Comple
te the following payroll register. (Use the percentage method to calculate FIT for this weekly period.)
1 answer:
Answer:
Claimed 4 allowances at a rate of $76.90 per allowance for weekly payroll.
Taxable income is therefore;
= 3,500 - (76.90 * 4 )
= $3,192.40
Federal Income Tax (FIT).
With taxable income of $3,192.40, Pat falls into the $3,073 to $4,597 bracket where tax is $565.15 plus 28% of anything above $3,073. Status is married.
= 565.15 + (28% * (3,192.40 - 3,073))
= 565.15 + 33.43
= $598.58
Social Security
= Gross pay * 6.2%
= 3,500 * 6.2%
= $217
Medicare
= 3,500 * 1.45%
= $50.75
Net Pay
= 3,500 - 598.58 - 217 - 50.75
= $2,633.67
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