Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,300. He is single and claims 1 deduction. Before this payroll, Barrett's cumulative earnings were $128,070. (Social Security maximum is 6.2% on $128,400 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 91 and Table 9.2) (Round your answers to 2 decimal places.)
Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,300. He is single and claims 1 deduction. Before this payroll, Barrett's cumulative earnings were $128,070. (Social Security maximum is 6.2% on $128,400 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 91 and Table 9.2) (Round your answers to 2 decimal places.)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 7E
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Transcribed Image Text:Calculate Social Security taxes, Medicare taxes, and FIT for Jordon
Barrett. He earns a monthly salary of $11,300. He is single and
claims 1 deduction. Before this payroll, Barrett's cumulative
earnings were $128,070. (Social Security maximum is 6.2% on
$128,400 and Medicare is 1.45%.) Calculate FIT by the percentage
method. (Use Table 91 and Table 9.2) (Round your answers to 2
decimal places.)
FIT
Social Security taxes
Medicare taxes
Transcribed Image Text:222
(For Wages Pald In 2018)
TABLE 1-WEEKLY Payrall Perlod
(a) SINGLE person (including head of household)-
If the amount of wages
(after subtracting
withholding allawances) is
Not over $71..
Ovor-
$71
$254
$815
$1,658
$3,100
$3,917
$9,687
(b) MARRIED person-
If the amount of wagos
The amount of income tax
to withhold is:
SO
(aftersubtracting
The amount of income tax
withholding allowances) is to withhold is:
Not over $222
But not over-
so
of oxoess ovor Over
$254,. $0.00 plus 10%
$815.. $18.30 plus 12%
$85.62 plus 22%
$271.08 plus 24%
$617.16 plus 32%
$878.60 plus 35%
$2,898. 10 plus 37%
But not
over
$588
$1,711
$3,395
-$6,280 .. $541.84 plus 24%
-$7,914. $1,234.24 plus 32%
$11,761.. $1,757.12 plus 3%
of excess over-
$71
$254
$815
-$1,658
-$3,100
S3,917
-$9,687
$222
$588
$1,711
$3,395
$6,280
$7,914
$11,761
$0.00 plus 10%
$1,658
$3,100
$3,917
$9,687
.. $36.60 plus 12%
$588
-$1,711
-33,395
$6,280
-$7,914
-$11,761
$171.36 plus 22%
$3, 103.57 plus 37%
TABLE 2-BIWEEKLY Payroll Period
(a) SINGLE person (including head of houschoid)-
If the amount of wages
(after subtracting
withholding allowances) is:
Not over $142 . . .
Over-
$142
S509
$1,631
$3,315
S6.200
$7.835
$19.373
(b) MARRIED person
If the amount of wages
(after subtracting
The amount of income tax
to withhold is:
SO
The amount of income tax
withholding allowances) is: to withhold is
Not over $444
But not
$1,177
SO
But not over-
$509
S1,631
$3,315
$6,200
-S7.835
-$19,373
of excess over- over-
S142
$509
-S1.631
S3315
tover-
S0.00 plus 10%
S36.70 plus 12%
S171.34 plus 22%
$541.82 plus 24%
S1.234.22 olus 32%
$1,757.42 plus 35%
$5 795 72 plus 37%
of excess over-
-$444
-$1,177
-$3,421
-$6,790
-$12.560
-$15,829
-$23.521
$444
$1,177
$0.00 plus 10%
$3.421 $73.30 plus 12%
$6,790 $342.58 plus 22%
-S12,560 $1.083.76 plus 24%
-S15.829 S2.468.56 olus 32%
$3.514.64 plus 35%
$6.206.84 plus 37%
$3.421
$6,790
S6.200 S12.550
S7.835 $15.829
$19 373 $23,521
-$23,521
TABLE 2-BIWEEKLY Payroll Period
(b) MARRIED person
If the amount of wages
(a) SINGLE pcrson (including hoad of household)
If the amount of wages
(after subtracting
withholding allowances) is:
Not over $142
Over-
$142
S509
$1,531
$3,315
S6.200
$7.835
$19.373
The amcunt of income tax
to withhold is:
SO
(after subtracting
The armount of incorne tax
to withhold is:
SO
withhalding allowances) is:
Not over $444
But not over-
$1,177
$3,421
$6,790
$12,560
$15.829
S23,521
of excess over-
-$444
$1,177
$3.421
-$6,790
$12.560
$15,829
$23.521
of excess over Over-
$142
But not over-
5509
-$1,631
-$3,315
$6,200
S7.835
$19.373
$0.00 plus 10%
S73.30 plus 12%
$342.58 plus 22%
$1,083.76 plus 24%
$2.468.56 olus 32%
$3.514.64 plus 35%
$6.206.84 plus 37%
$444
So.00 plus 10%
$36.70 plus 12%
$171.34 plus 22%
$541.82 plus 24%
$1.234 22 plus 32%
$1.757.42 plus 35%
$5.795 72 plus 37%
$509
$1.177
$3.421
S1.631
$3315
S6 790
-S6.200 S12.560
S7835 $15,829
$19.373 $23,521
TABLE 3-SEMIMONTHLY Payroll Period
(b) MARRIED person-
(a) SINGLE person (including head of household
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