Federal Percentage Method of Withholding For Payroll Paid January 23 December 31, 2015 Source: IRS Notice 1036 (January 2015)
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1 Federal Percentage Method of Withholding For Payroll Paid January 23 December 31, 2015 Procedures used to calculate federal taxes withheld*: 1. Obtain the employee s gross wage for the payroll period. 2. Determine the allowance amount from the Withholding Allowance Table below according to the employee s number of allowances and frequency of payment. 3. Determine the deduction amounts, which can be approximated from a previous earnings statement, for pre-tax deductions such as health insurance, tax sheltered annuities (TSA), and employee reimbursement accounts (e.g. ERA). 4. Subtract the pre-tax deductions and allowance amount from the employee s gross wages to determine the taxable wage. Below are examples how to calculate taxes using the tables presented here within. The examples below include the following assumptions: 2 personal allowances and pre-tax deductions for health insurance, TSA & ERA. *If you have any questions, please contact your Payroll Coordinator. Single Biweekly Example Married Biweekly Example 1. Single employee s gross biweekly wage 2. Less amount for two personal allowances ($ x 2) $1, Married employee's gross biweekly wage - $ Less amount for two personal allowances ($ x 2) $1, $ Less pre-tax deductions 3. Less pre-tax deductions 3A. Pre-tax health insurance - $ A. Pre-tax health insurance - $ B. Pre-tax TSA - $ B. Pre-tax TSA - $ C. Pre-tax ERA - $ C. Pre-tax ERA - $ Taxable wage (line 1 minus lines 2, 3A, 3B & 3C) $1, Taxable wage (line 1 minus lines 2, 3A, 3B & 3C) $1, Percentage ( on $1, from Table 2 Biweekly Payroll Period, Single Person status) 5. Percentage ( on $1, from Table 2 Biweekly Payroll Period, Married Person status) 5A. Tax on minimum amount of 15% bracket ($443.00) $ A. Tax on minimum amount of 15% bracket ($1,040.00) $ B. Taxable wage (from line 4) $1, B. Taxable wage (from line 4) $1, C. Minus minimum amount of 15% bracket 5D. Amount over bracket minimum C. Minus minimum amount of 15% bracket D. Amount over bracket minimum -1, $ E. 15% of 5D E. 15% of 5D $ F. Biweekly (5A plus 5E) $ F. Biweekly (5A plus 5E) $90.91
2 WITHHOLDING ALLOWANCE TABLE Number of Allowances Is And wages are paid Biweekly Monthly Annually The total amount of allowances for the payroll period is 0 $0 $0 $ , , , , , , , , , , , , , , , , , , , , , or More Multiply the amount of one allowance for the specific payroll period by the number of allowances claimed
3 TABLES FOR PERCENTAGE METHOD OF WITHHOLDING Table 2 Biweekly Payroll Period Not over $88 $0 Not over $331 $0 $88 - $443 10% of excess over $88 $331 - $1,040 10% of excess over $331 $443 - $1,529 $35.50 plus 15% of excess over $443 $1,529 - $3,579 $ plus 25% of excess over $1,529 $3,579 - $7,369 $ plus 33% of excess over $3,579 $7,369 - $15,915 $1, plus 33% of excess over $7,369 $15,915 - $15,981 $4, plus 35% of excess over $15,915 $15,981 or Greater $4, plus 39.6% of excess over $15,981 $1,040 - $3,212 $70.90 plus 15% of excess over $1,040 $3,212 - $6,146 $ plus 25% of excess over $3,212 $6,146 - $9,194 $1, plus 28% of excess over $6,146 $9,194 - $16,158 $1, plus 33% of excess over $9,194 $16,158 $18,210 $4, plus 35% of excess over $16,158 $18,210 or Greater $4, plus 39.6% of excess over $18,210
4 TABLES FOR PERCENTAGE METHOD OF WITHHOLDING (continued) Table 4 Monthly Payroll Period Not over $192 $0 Not over $717 $0 $192 - $960 10% of excess over $192 $717 - $2,254 10% of excess over $717 $960 - $3,313 $76.80 plus 15% of excess over $960 $3,313 - $7,754 $ plus 25% of excess over $3,313 $7,754 - $15,967 $1, plus 28% of excess over $7,754 $15,967 - $34,483 $3, plus 33% of excess over $15,967 $34,483 - $34,625 $9, plus 35% of excess over $34,483 $34,625 or Greater $9, plus 39.6% of excess over $34,625 $2,254 - $6,958 $ plus 15% of excess over $2,254 $6,958 - $13,317 $ plus 25% of excess over $6,958 $13,317 - $19,921 $2, plus 28% of excess over $13,317 $19,921 - $35,008 $4, plus 33% of excess over $19,921 $35,008 - $39,454 $9, plus 35% of excess over $35,008 $39,454 or Greater $10, plus 39.6% of excess over $39,454
5 TABLES FOR PERCENTAGE METHOD OF WITHHOLDING (continued) Table 7 Annual Payroll Period Not over $2,300 $0 Not over $8,600 $0 $2,300 - $11,525 10% of excess over $2,300 $8,600 - $27,050 10% of excess over $8,600 $11,525 - $39,750 $ plus 15% of excess over $11,525 $39,750 - $93,050 $5, plus 25% of excess over $39,750 $93,050 - $191,600 $18, plus 28% of excess over $93,050 $191,600 - $413,800 $46, plus 33% of excess over $191,600 $413, ,500 $119, plus 35% of excess over $413,800 $415,500 or Greater $119, plus 39.6% of excess over $415,500 $27,050 - $83,500 $1, plus 15% of excess over $27,050 $83,500 - $159,800 $10, plus 25% of excess over $83,500 $159,800 - $239,050 $29, plus 28% of excess over $159,800 $239,050 - $420,100 $51, plus 33% of excess over $239,050 $420,100 - $473,450 $111, plus 35% of excess over $420,100 $473,450 or Greater $129, plus 39.6% of excess over $473,450
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Objectives In this lesson you will: learn and use terms related to payroll deductions learn to read earnings statements calculate net pay Employers must deduct certain amounts from their employees wages.