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Federal Income Tax pp. 116-1182-1SECTIONSECTION
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Copyright © Glencoe/McGraw-Hill MBA, Section 2-1, Slide 2 of 13
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Section ObjectiveSection ObjectiveRead:
• tables to find the amount withheld for federal income tax
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Copyright © Glencoe/McGraw-Hill MBA, Section 2-1, Slide 3 of 13
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federal income tax (FIT) (p. 116)
Money withheld by an employer from an employee’s paycheck to pay federal government taxes.
Key Words to KnowKey Words to Know
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Copyright © Glencoe/McGraw-Hill MBA, Section 2-1, Slide 4 of 13
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What do you do when your bills are more than your paycheck amount?
Jack’s Jackpot p. 116Jack’s Jackpot p. 116
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Copyright © Glencoe/McGraw-Hill MBA, Section 2-1, Slide 5 of 13
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Carla Garza’s gross pay for this week is $425.88. She is married and claims 2 allowances—herself and her husband.
What amount will be withheld from Garza’s pay for FIT?
Example 1Example 1
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Copyright © Glencoe/McGraw-Hill MBA, Section 2-1, Slide 6 of 13
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Steps:
1.Find the income range from the federal tax tables on pages 788-791 in your textbook.
2.Find the column for 2 allowances.
3.The amount of income to be withheld is $19.
Example 1 AnswerExample 1 Answer
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Copyright © Glencoe/McGraw-Hill MBA, Section 2-1, Slide 7 of 13
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Lance Han’s gross pay for this week is $386.88.
He is married and claims 1 allowance.
What amount will be withheld from Han’s pay for FIT?
Example 2Example 2
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Copyright © Glencoe/McGraw-Hill MBA, Section 2-1, Slide 8 of 13
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Steps:
1.Find the income range from the federal tax tables on pages 788-791 in your textbook.
2.Find the column for 1 allowance.
3.The amount of income to be withheld is $31.
Example 2 AnswerExample 2 Answer
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Copyright © Glencoe/McGraw-Hill MBA, Section 2-1, Slide 9 of 13
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Use the tax tables on pages 788-791 in your texbook to find the amount withheld.
Joseph Napoli, single.Earns $524 per week.Claims 2 allowances.What is the FIT withheld?
Practice 1Practice 1
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Copyright © Glencoe/McGraw-Hill MBA, Section 2-1, Slide 10 of 13
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$48
Practice 1 AnswerPractice 1 Answer
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Copyright © Glencoe/McGraw-Hill MBA, Section 2-1, Slide 11 of 13
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Use the tax tables on pages 788-191 in your textbook to find the amount withheld.
Amanda Hagel earns $476 a week. She is married and claims 2 allowances. Next year she will have a child and will claim an additional allowance. How much less will be withheld for federal income tax next year?
Practice 2Practice 2
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Copyright © Glencoe/McGraw-Hill MBA, Section 2-1, Slide 12 of 13
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$312
Practice 2 AnswerPractice 2 Answer
Federal Income Tax2-1END OF SECTIONEND OF SECTION
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