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SECTION. 2-1. pp. 116-118. Federal Income Tax. Section Objective. Read: tables to find the amount withheld for federal income tax. Key Words to Know. federal income tax (FIT) (p. 116) Money withheld by an employer from an employee’s paycheck to pay federal government taxes. - PowerPoint PPT Presentation
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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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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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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