Net Pay Calculation by n26GQ3

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									                                    Net Pay Calculation

Gross Pay (Yearly)                                               ______________


Gross Pay Monthly (Yearly divided by 12)                         ______________


DEDUCTIONS


Federal Tax (Use the Tax tables provided below)    ______________


State Tax (6% (.06) of your monthly gross pay for simplicity)    ______________


FICA (Monthly Gross pay times 6.20% (.0620))                     ______________


Medicare (Monthly Gross Pay times 1.45 % (.0145))                ______________


Monthly Net Pay (Gross Pay minus all deductions)                 ______________




If the taxable income is…              Computed Tax is…
Over                 But Not over      The total of this   The % in this   The amount
                                       column              column          over (Taxable
                                       PLUS>>>             TIMES>>         income less the
                                                                           amount in this
                                                                           column)
817                  2625              59.60               15%             817
2625                 5813              330.80              25%             2625


For those with salaries of $27,500 and $30,000
((Gross pay / 12) -817)*.15=_________ + 59.60 = Monthly withoholding
For those with salaries of $32,500 - $45,000
((Gross pay / 12) -2625)*.25=_________ + 330.80 = Monthly withoholding

								
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