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John Doe is married and claims 3 withholding allowances. He collects overtime pay when he works over 40 hours a week. If his gross pay is $1,306.88, determine his weekly net earnings. Use the following deductions: FWT (Percentage Method), FICA 6.2%, Medicare 1.45%, SDI 1%, Health Insurance ($80/week), Union Dues ($4.50/week), and Trust Fund ($95/week). a.$819.32 B.$786.67 C.$768.31 D.$891.28

John Doe is married and claims 3 withholding allowances. He collects overtime pay when he works over 40 hours a week. If his gross pay is $1,306.88, determine his weekly net earnings. Use the following deductions: FWT (Percentage Method), FICA 6.2%, Medicare 1.45%, SDI 1%, Health Insurance ($80/week), Union Dues ($4.50/week), and Trust Fund ($95/week). a.$819.32 B.$786.67 C.$768.31 D.$891.28

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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John Doe is married and claims 3 withholding allowances. He collects overtime pay when he works over 40 hours a week. If his gross pay is $1,306.88, determine his weekly net earnings. Use the following deductions: FWT (Percentage Method), FICA 6.2%, Medicare 1.45%, SDI 1%, Health Insurance ($80/week), Union Dues ($4.50/week), and Trust Fund ($95/week).

a.$819.32
B.$786.67
C.$768.31
D.$891.28
9:26 ( Back FWT Table 2012-5.pdf Q Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2012) TABLE 1-WEEKLY Payroll Period {a) SINGLE person (including head of household)-- If the amount of wages (after subtracting withholding àllowances) is: Not over $41 Over- $41 $209 $721 $1,688 $3,477 $7,510 (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $156 Over- $156 $490 $1,615 $2,900 $4,338 $7,624.. The amount of income tax to withhold is: The amount of income tax to withhold is: .$0 $0 But not over- -$209 -$721 -$1,688 -%$43,477 -$7,510 $0.00 plus 10% $16.80 plus 15% $93.60 plus 25% $335.35 plus 28% $836.27 plus 33% $2,167.16 plus 35% of excess over- m-$41 一$209 -$721 -S1,688 -$3,477 -$7,510 But not over- -$490 -$1,515 --$2,900 -$4,338 -$7,624 .$0.00 plus 10% $33.40 plus 15% $187.15 plus 25% $533.40 plus 28% $936.04 plus 33% $2,020.42 plus 35% of excess over- --$156 -$490 -$1,515 -$2,900 -$4,338 -$7,624 TABLE 2-BIWEEKLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax (b) MARRIED person- If the armount of wages (after subtracting withholding allowances) is: Not over $312 Over-- $312 $981 $3,031 $5,800 $8,675 $15,248. The amount of income tax to withhold is: $0 is: to withhold is: $0 Not over $83 Over-- $83 $417 $1,442 $3,377 $6,954 $15,019 But not over- -$417 -$1,442 -$3,377 -$6,954 -$15,019 $0.00 plus 10% $33.40 plus 15% $187.15 plus 25% $670.90 plus 28% $1,672.46 plus 33% $4,333.91 pius 35% of excess over- -$83 --$417 -$1,442 -$3,377 -%$6,954 $15,019 But not over --$981 --$3,031 -%$45,800 -$8,675 一$15,248 .$0.00 plus 10% $66.90 plus 15% .$374.40 plus 25% .$1,066.65 plus 28% $1,871.65 plus 33% .$4,040.74 plus 35% of excess over- -$312 -$981 --$3,031 -$5,800 -$8,675 --$15,248 TABLE 3-SEMIMONTHLY Payroll Period (a) SINGLE person (including head of household)- 1i the amount of wages (after subtracting withholding àllowances) The amount of income tax (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $338 Over $338 $1,063 $3,283 $6,263 $9,398 $16,519 is: Not over $90 to withhold is: $0 The amount of income tax to withhold is: Over But not over- $90 $452 $1,563 $3,658 $7,533 $16,271 -$452 -$1,563 $3,658 -$7,533 -$16,271 $0.00 plus 10% $36.20 plus 15% $202.85 plus 25% $726.60 plus 28% $1,811.60 plus 33% $4,695.14 plus 35% of excess over- -$90 -$452 -$1,563 $3,658 -$7,533 -$16,271 But not over --$1,063 -$3,283 -$6,283 -$49,398 -$16,519 $0.00 pius 10% .$72.50 plus 15% $405.50 plus 25% .$1,155.50 plus 28% .$2,027.70 plus 33% $4,377.63 plus 35% of excess over- -$338 -$1,063 -$43.283 -$6,283 -$9,398 -$16,519 TABLE 4-MONTHLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) is: Not over $179 (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $675 Over- $675 $2,125 $6,567 $12,567 $18,796 $33,038 The amount of income tax to withhold is: The amount of income tax to withhold is: so $0 But not over- -$904 -$3,125 -$7.317 -$15,067 $32.542 But not over- --$2,125 -$6,567 -$12,567 -$18,796 $33,038 over- $179 $804 $3,125 $7,317 $15,067 $32,542 $0.00 plus 10% . $72.50 plus 15% $405.65 plus 25% $1,453.65 plus 28% . $3,623.65 plus 33% $9,390.40 plus 35% of excess over- -$179 $904 -$3,125 --$7,317 S15,067 -$32,542 $0.00 plus 10% $145.00 plus 15% $811.30 plus 25% $2,311.30 plus 28% 4,055.42 plus 33% $8,755.28 plus 35% Of excess over- -$675 -$2,125 -$6,567 -$12,567 -$18,796 --$33,038 Payroll Period One Withholding Allowance Weekly Biweekly Semimonthly Monthly Quarterly Semiannually. Annually Daily or miscellaneous (each day of the payroli period) 24 73.08 146.15 158.33 316.67 950.00 1,900.00 3,800.00 14.62 Page 36 Publication 15 (2012) 9. Dashboard Calendar To Do Notifications Inbox
Transcribed Image Text:9:26 ( Back FWT Table 2012-5.pdf Q Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2012) TABLE 1-WEEKLY Payroll Period {a) SINGLE person (including head of household)-- If the amount of wages (after subtracting withholding àllowances) is: Not over $41 Over- $41 $209 $721 $1,688 $3,477 $7,510 (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $156 Over- $156 $490 $1,615 $2,900 $4,338 $7,624.. The amount of income tax to withhold is: The amount of income tax to withhold is: .$0 $0 But not over- -$209 -$721 -$1,688 -%$43,477 -$7,510 $0.00 plus 10% $16.80 plus 15% $93.60 plus 25% $335.35 plus 28% $836.27 plus 33% $2,167.16 plus 35% of excess over- m-$41 一$209 -$721 -S1,688 -$3,477 -$7,510 But not over- -$490 -$1,515 --$2,900 -$4,338 -$7,624 .$0.00 plus 10% $33.40 plus 15% $187.15 plus 25% $533.40 plus 28% $936.04 plus 33% $2,020.42 plus 35% of excess over- --$156 -$490 -$1,515 -$2,900 -$4,338 -$7,624 TABLE 2-BIWEEKLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) The amount of income tax (b) MARRIED person- If the armount of wages (after subtracting withholding allowances) is: Not over $312 Over-- $312 $981 $3,031 $5,800 $8,675 $15,248. The amount of income tax to withhold is: $0 is: to withhold is: $0 Not over $83 Over-- $83 $417 $1,442 $3,377 $6,954 $15,019 But not over- -$417 -$1,442 -$3,377 -$6,954 -$15,019 $0.00 plus 10% $33.40 plus 15% $187.15 plus 25% $670.90 plus 28% $1,672.46 plus 33% $4,333.91 pius 35% of excess over- -$83 --$417 -$1,442 -$3,377 -%$6,954 $15,019 But not over --$981 --$3,031 -%$45,800 -$8,675 一$15,248 .$0.00 plus 10% $66.90 plus 15% .$374.40 plus 25% .$1,066.65 plus 28% $1,871.65 plus 33% .$4,040.74 plus 35% of excess over- -$312 -$981 --$3,031 -$5,800 -$8,675 --$15,248 TABLE 3-SEMIMONTHLY Payroll Period (a) SINGLE person (including head of household)- 1i the amount of wages (after subtracting withholding àllowances) The amount of income tax (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $338 Over $338 $1,063 $3,283 $6,263 $9,398 $16,519 is: Not over $90 to withhold is: $0 The amount of income tax to withhold is: Over But not over- $90 $452 $1,563 $3,658 $7,533 $16,271 -$452 -$1,563 $3,658 -$7,533 -$16,271 $0.00 plus 10% $36.20 plus 15% $202.85 plus 25% $726.60 plus 28% $1,811.60 plus 33% $4,695.14 plus 35% of excess over- -$90 -$452 -$1,563 $3,658 -$7,533 -$16,271 But not over --$1,063 -$3,283 -$6,283 -$49,398 -$16,519 $0.00 pius 10% .$72.50 plus 15% $405.50 plus 25% .$1,155.50 plus 28% .$2,027.70 plus 33% $4,377.63 plus 35% of excess over- -$338 -$1,063 -$43.283 -$6,283 -$9,398 -$16,519 TABLE 4-MONTHLY Payroll Period (a) SINGLE person (including head of household)- If the amount of wages (after subtracting withholding allowances) is: Not over $179 (b) MARRIED person- If the amount of wages (after subtracting withholding allowances) is: Not over $675 Over- $675 $2,125 $6,567 $12,567 $18,796 $33,038 The amount of income tax to withhold is: The amount of income tax to withhold is: so $0 But not over- -$904 -$3,125 -$7.317 -$15,067 $32.542 But not over- --$2,125 -$6,567 -$12,567 -$18,796 $33,038 over- $179 $804 $3,125 $7,317 $15,067 $32,542 $0.00 plus 10% . $72.50 plus 15% $405.65 plus 25% $1,453.65 plus 28% . $3,623.65 plus 33% $9,390.40 plus 35% of excess over- -$179 $904 -$3,125 --$7,317 S15,067 -$32,542 $0.00 plus 10% $145.00 plus 15% $811.30 plus 25% $2,311.30 plus 28% 4,055.42 plus 33% $8,755.28 plus 35% Of excess over- -$675 -$2,125 -$6,567 -$12,567 -$18,796 --$33,038 Payroll Period One Withholding Allowance Weekly Biweekly Semimonthly Monthly Quarterly Semiannually. Annually Daily or miscellaneous (each day of the payroli period) 24 73.08 146.15 158.33 316.67 950.00 1,900.00 3,800.00 14.62 Page 36 Publication 15 (2012) 9. Dashboard Calendar To Do Notifications Inbox
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