federal withholding tax

[Bobby]

I been trying for several days now to figure the amount of federal tax
that is whthheld from my paycheck. I been to so many web sites and now
seems to help me.
Doe anyone has a spreadsheet that will calculate this, of a site that
will do it or show me how?
I do have a sheet but never comes out right.

Thanks Much
Bobby

 

[Ron Coderre]

Try this website:

http://www.bussvc.wisc.edu/ecbs/uw1170-federal-percentage.html

Does that help?

Regards,
Ron

 

[Bill Sharpe]

Your paycheck receipt should break down various amounts withheld.

Simple-minded approach:
Put gross pay in A1
Put tax withheld in A2
Put formula "=A2/A1" in cell A3 and format as percentage.

For more details, ask your company how they calculate this amount.

Bill

I been trying for several days now to figure the amount of federal tax
that is whthheld from my paycheck. I been to so many web sites and now
seems to help me.
Doe anyone has a spreadsheet that will calculate this, of a site that
will do it or show me how?
I do have a sheet but never comes out right.

Thanks Much
Bobby

 

[Ron Coderre]

Also these (from the IRS):

Weekly:
http://www.irs.gov/publications/p15a/21453t29.html

Bi-weekly:
http://www.irs.gov/publications/p15a/21453t30.html

Semi-monthly:
http://www.irs.gov/publications/p15a/21453t31.html

Monthly:
http://www.irs.gov/publications/p15a/21453t32.html

Ron

 

[Bobby]

1st Thanks Ron, but I did this before and can't come out right, could
you lead me right?

I used the Table 2 Biweekly married.
my wages to take taxes out on is $2273.31 ( after deuctions)
I used the 15% bracket and -$869 $2273.31 wihch is $1404.31 then 15%
of $1404.31 which is $210.64 then added $56.10 which is $266.74 to be
withheld, but on my check they took out $468.14. The calcuation is
pretty simple, but I'm screwing it up somewhere.

Where am I going wrong? As soon as I see what I'm doing wrong I'll get
it right away.

Thanks again Ron

Bobby


from On Sat, 2 Jul 2005 13:39:50 -0400, "Ron Coderre"

 

[Ron Coderre]

Bobby:

First...If you don't mind, please respond to my email, OK?....The accountant
in me causes me to be uncomfortable discussing earnings in a public forum.

Second:
Are you sure you're only looking at the Federal deduction, and not the sum
of all deductions?
OR
If you received any kind of non-standard, lump-sum payment (like a bonus or
profit sharing), I believe your company is compelled to deduct a flat rate
of 20%.

Does that help?

Regards,
Ron
(my email is in my profile)

 

[Gary Smith]

Income tax withholding is based on gross wages, not wages after
deductions. Why are you subtreacting $869 (the table says $495) and then
adding $56.10 after the calculation? The instructions don't say anything
about additional amounts.

I used the Table 2 Biweekly married.
my wages to take taxes out on is $2273.31 ( after deuctions)
I used the 15% bracket and -$869 $2273.31 wihch is $1404.31 then 15%
of $1404.31 which is $210.64 then added $56.10 which is $266.74 to be
withheld, but on my check they took out $468.14. The calcuation is
pretty simple, but I'm screwing it up somewhere.

 

[Ron Coderre]

Actually, the 2 websites that are pertinent here approach the same tax
amount from different directions:

Site 1 (http://www.bussvc.wisc.edu/ecbs/uw1170-federal-percentage.html):
Taxable: 2,273.31
Less: 869.00
=Basis: 1,404.31
x 15%=: 210.65
+ base: 56.10
Tax: 266.75



Site 2 (http://www.irs.gov/publications/p15a/21453t30.html):
Taxable: 2,273.31
Less: 495.00
=Basis: 1,778.31
x 15%=: 266.75


Regards,
Ron

 

[Bobby]

$266.75 is the same answer I'm getting, but taken out of m check was
lot more. Guess my problem is why more is being taken out.
If I find out after vacation I'll post the answer.
Thanks for the help.
Bobby

 

[Bobby]

Bill,
I also did it this way on 3 checksand it comes out with a different
percent, all 3 checks were in the same tax bracket. I' going to have
to check with my payroll dept.
Thanks
Bobby

 

[Biff]

Guess my problem is why more is being taken out

Somebody has to pay for the CEO's bonus!

Biff

 

[Piranha]

Bobby,
Do you have a fixed amount in addition to the prercentage?

In addition to the tax table and percentage you can also take out a
fixed amount.
This would be in addition to the percentage.
Example i have my percentage of gross +$7.00 fixed, taken out weekly.
so if you tryed to figure out a certain percent of all my checks it
won't work.

Dave

 

[Bobby]

Yea guess your right...
But this has got me to the fight to the end, either I'm going to
accept whats taken out or fight to the end to figure it on my own.
On the figures below
my Grose is 2525.90 biweekly and a taxable wage of 2273.31 and they
took out $468.14 for fed tax. I will fight this to the end...

Thanks
Bobby

 

[Bobby]

Hi and thanks. Of all the checks I tried to figure, none of them has
extra of a fixed amount. I had thought of that before.
Back to the drawing board eh? Something simple and I can't get it
right.

Bobby

 

[Ron Rosenfeld]

1st Thanks Ron, but I did this before and can't come out right, could
you lead me right?

I used the Table 2 Biweekly married.
my wages to take taxes out on is $2273.31 ( after deuctions)
I used the 15% bracket and -$869 $2273.31 wihch is $1404.31 then 15%
of $1404.31 which is $210.64 then added $56.10 which is $266.74 to be
withheld, but on my check they took out $468.14. The calcuation is
pretty simple, but I'm screwing it up somewhere.

Where am I going wrong? As soon as I see what I'm doing wrong I'll get
it right away.

Perhaps you are not including the moneys withheld for Social Security and
Medicare?

That would make their withholding pretty close to what you are calculating.


--ron

 

[Bobby]

To all that helped with this, I finally got it figured out. The fed
withholding sheet was right, I was figuring it out wrong.
Thanks All
Bobby

 

[Ltat42a]

To all that helped with this, I finally got it figured out. The fed
withholding sheet was right, I was figuring it out wrong.
Thanks All
Bobby

I use Excel to figure what my Net pay is. When I get my pay stub, it's
about $3-$4 off from my actual pay. Here's how I do it -

I figure my gross pay, and deduct any non-taxable amounts to get my
adjusted gross.

The formula I use to figure Fed taxes is: =SUM(P42-858)*15%+55
The formula I use to figure SSN is: =SUM(P42*6.2%)
The formula I use to figure MEDC is: =SUM(P42*1.45%)

I then deduct any remaining post-tax amounts to get my Net Pay.

If my adjusted gross is more than $2490, then I use this -
=SUM(J42-2490)*25%+299.8

These seem to estimate my Net pay pretty close, within 3-4 $$$.

 

[Alden]

For 2006, a good fiormula is:

=max(0, 10%*(A1 - B1*63.46 - 51), 15%*(A1 - B1*63.46 - 98), 25%*(A1
-B1*63.46 - 306.80), 28%*(A1 - B1*63.46 - 424.89), 33%*(A1 - B1*63.46
-817.03), 35%*(A1 - B1*63.46 - 1142.23))

if you are single and A1 is your gross, and B1 is your allowances.

 

[joeu2004]

For 2006, a good fiormula is:
=max(0, 10%*(A1 - B1*63.46 - 51), 15%*(A1 - B1*63.46 - 98), 25%*(A1
-B1*63.46 - 306.80), 28%*(A1 - B1*63.46 - 424.89), 33%*(A1 - B1*63.46
-817.03), 35%*(A1 - B1*63.46 - 1142.23))
if you are single and A1 is your gross, and B1 is your allowances.

Not sure why you are responding to a thread that is one year old. But
the formula above is for Weekly Single. The OP wrote: "I used the
Table 2 Biweekly married".