EzPaycheck 2017 payroll software speeds up and simplifies payroll tax calculation, paycheck printing and tax reporting for small businesses. However if you like to calculate the taxes manually, you can find the step by step guide below
Karen is married, with 1 allowance. Her salary rate is $39000. She gets one pay check each month.
1. Her gross income for each paycheck is $3250
39000/12=$3250
2. Her standard deduction for each paycheck is $337.5
Year 2017 Standard Deduction is $4050
For each paycheck: 4050/12=$337.5
3. Her taxable income for each paycheck is:
3250-337.5=$2912.5
4. Federal tax
Check Monthly tax table for married person
http://www.halfpricesoft.com/federal_income_tax_2017.asp
155.40 + 15% x (2912.5-2275.00)=$251.02
Table 4 -- Monthly Payroll Period
| (a) SINGLE person (including head of household) -- |
If the amount of wages(after
subtracting withholding
allowances) is: |
|
The amount of income tax
to withhold is: |
| Not over $192.00....... |
|
$0 |
| Over -- |
But no over -- |
|
|
Of excess over -- |
| $192.00 |
$969.00 |
... |
10% |
$192.00 |
| $969.00 |
$3,354.00 |
... |
$77.70 plus 15% |
$969.00 |
| $3,354.00 |
$7,850.00 |
... |
$435.45 plus 25% |
$3,354.00 |
| $7,850.00 |
$16,163.00 |
... |
$1,559.45 plus 28% |
$7,850.00 |
| $16,163.00 |
$34,917.00 |
... |
$3,887.09 plus 33% |
$16,163.00 |
| $34,917.00 |
$35,058.00 |
... |
$10,075.91 plus 35% |
$34,917.00 |
| $35,058.00 |
... |
... |
$10,125.26 plus 39.6% |
$35,058.00 |
| (b) Married person -- |
If the amount of wages(after
subtracting withholding
allowances) is: |
|
The amount of income tax
to withhold is: |
| Not over $721.00....... |
|
$0 |
| Over -- |
But no over -- |
|
|
Of excess over -- |
| $721.00 |
$2,275.00 |
... |
10% |
$721.00 |
| $2,275.00 |
$7,046.00 |
... |
$155.40 plus 15% |
$2,275.00 |
| $7,046.00 |
$13,479.00 |
... |
$871.05 plus 25% |
$7,046.00 |
| $13,479.00 |
$20,167.00 |
... |
$2,479.30 plus 28% |
$13,479.00 |
| $20,167.00 |
$35,446.00 |
... |
$4,351.94 plus 33% |
$20,167.00 |
| $35,446.00 |
$39,946.00 |
... |
$9,394.01 plus 35% |
$35,446.00 |
| $39,946.00 |
... |
... |
$10,969.01 plus 39.6% |
$39,946.00 |
Related Links
How to Calculate Federal Withholding Tax Automatically
http://www.halfpricesoft.com/payroll-software/calculate-federal-withholding-tax.asp
How to Generate After the Fact Paychecks and Create the Paystubs
http://www.halfpricesoft.com/payroll-software/after-fact-payroll-checks.asp
How to Print W2 Forms on White Paper
http://www.halfpricesoft.com/w2-software/print-w2-forms-blank-paper.asp
How to Print 1099 Forms
http://www.halfpricesoft.com/1099-misc-software/howto-file-print-1099-misc-forms.asp
Employment Tax Due Dates
http://www.halfpricesoft.com/employment_tax_due_dates.asp
EzPaycheck payroll software is designed to automate paycheck processes to reduce the time spent on running payroll. The software’s graphic interface leads users step-by-step through setting up employee information, importing data, calculating payroll—including calculation of federal, state and local taxes; deductions for Medicare, insurance and 401(k) plans; and printing paychecks.
Priced at just $89 per installation, ezPaycheck’s graphical interface and functions are so intuitive that even users without much computer or accounting experience can start automating payroll processes within minutes of installation. Additionally, customers can try ezPaycheck payroll software without cost or obligation for 30 days.
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