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November 23, 2014

Homework Help: Business math

Posted by Phillip on Friday, March 2, 2012 at 12:31am.

Beth earns $3450 monthly, she is married and claims two exemptions. Find the FIT withheld from her montly check using the percentage method. I have:

2(195.83)= 391.66
3450-391.66 = 3058.34
0.15(3058.34-517)
0.15(2541.34)= $381

Stacy is single and claims one exemption earning $3400 per month.
What is her monthly FIT withholdings.
I have:

3400-195.83=3204.17
3204.17-1954=1250.17
261.60+0.28(1250.17)
261.60+350=611.60
$612

According to the FIT chart the first one should be $383 and the second one should be $406. I have checked and rechecked my figures several times and can't find where I am going wrong. Any help would be appreciated. Thanks.

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