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MS Office Forum / Excel / New Users / July 2006federal withholding tax
I been trying for several days now to figure the amount of federal tax that is whthheld from my paycheck. I been to so many web sites and now seems to help me. Doe anyone has a spreadsheet that will calculate this, of a site that will do it or show me how? I do have a sheet but never comes out right. Thanks Much Bobby Try this website: http://www.bussvc.wisc.edu/ecbs/uw1170-federal-percentage.html Does that help? Regards, Ron Also these (from the IRS): Weekly: http://www.irs.gov/publications/p15a/21453t29.html Bi-weekly: http://www.irs.gov/publications/p15a/21453t30.html Semi-monthly: http://www.irs.gov/publications/p15a/21453t31.html Monthly: http://www.irs.gov/publications/p15a/21453t32.html Ron 1st Thanks Ron, but I did this before and can't come out right, could you lead me right? I used the Table 2 Biweekly married. my wages to take taxes out on is $2273.31 ( after deuctions) I used the 15% bracket and -$869 $2273.31 wihch is $1404.31 then 15% of $1404.31 which is $210.64 then added $56.10 which is $266.74 to be withheld, but on my check they took out $468.14. The calcuation is pretty simple, but I'm screwing it up somewhere. Where am I going wrong? As soon as I see what I'm doing wrong I'll get it right away. Thanks again Ron Bobby from On Sat, 2 Jul 2005 13:39:50 -0400, "Ron Coderre" <roncoderre@bigfoot.com> wrote: >Try this website: > [quoted text clipped - 4 lines] >Regards, >Ron Bobby: First...If you don't mind, please respond to my email, OK?....The accountant in me causes me to be uncomfortable discussing earnings in a public forum. Second: Are you sure you're only looking at the Federal deduction, and not the sum of all deductions? OR If you received any kind of non-standard, lump-sum payment (like a bonus or profit sharing), I believe your company is compelled to deduct a flat rate of 20%. Does that help? Regards, Ron (my email is in my profile) Income tax withholding is based on gross wages, not wages after deductions. Why are you subtreacting $869 (the table says $495) and then adding $56.10 after the calculation? The instructions don't say anything about additional amounts. > I used the Table 2 Biweekly married. > my wages to take taxes out on is $2273.31 ( after deuctions) > I used the 15% bracket and -$869 $2273.31 wihch is $1404.31 then 15% > of $1404.31 which is $210.64 then added $56.10 which is $266.74 to be > withheld, but on my check they took out $468.14. The calcuation is > pretty simple, but I'm screwing it up somewhere. > Where am I going wrong? As soon as I see what I'm doing wrong I'll get > it right away. > Thanks again Ron > Bobby > from On Sat, 2 Jul 2005 13:39:50 -0400, "Ron Coderre" > <roncoderre@bigfoot.com> wrote: >>Try this website: >> [quoted text clipped - 4 lines] >>Regards, >>Ron  SignatureGary L. Smith gls432@yahoo.com Columbus, Ohio Actually, the 2 websites that are pertinent here approach the same tax amount from different directions: Site 1 (http://www.bussvc.wisc.edu/ecbs/uw1170-federal-percentage.html): Taxable: 2,273.31 Less: 869.00 =Basis: 1,404.31 x 15%=: 210.65 + base: 56.10 Tax: 266.75 Site 2 (http://www.irs.gov/publications/p15a/21453t30.html): Taxable: 2,273.31 Less: 495.00 =Basis: 1,778.31 x 15%=: 266.75 Regards, Ron $266.75 is the same answer I'm getting, but taken out of m check was lot more. Guess my problem is why more is being taken out. If I find out after vacation I'll post the answer. Thanks for the help. Bobby >Actually, the 2 websites that are pertinent here approach the same tax >amount from different directions: [quoted text clipped - 15 lines] >Regards, >Ron >Guess my problem is why more is being taken out Somebody has to pay for the CEO's bonus! Biff > $266.75 is the same answer I'm getting, but taken out of m check was > lot more. Guess my problem is why more is being taken out. [quoted text clipped - 21 lines] >>Regards, >>Ron Yea guess your right... But this has got me to the fight to the end, either I'm going to accept whats taken out or fight to the end to figure it on my own. On the figures below my Grose is 2525.90 biweekly and a taxable wage of 2273.31 and they took out $468.14 for fed tax. I will fight this to the end... Thanks Bobby >>Guess my problem is why more is being taken out > [quoted text clipped - 27 lines] >>>Regards, >>>Ron Bobby, Do you have a fixed amount in addition to the prercentage? In addition to the tax table and percentage you can also take out a fixed amount. This would be in addition to the percentage. Example i have my percentage of gross +$7.00 fixed, taken out weekly. so if you tryed to figure out a certain percent of all my checks it won't work. Dave Bobby Wrote: > $266.75 is the same answer I'm getting, but taken out of m check was > lot more. Guess my problem is why more is being taken out. [quoted text clipped - 23 lines] > >Regards, > >Ron SignaturePiranha Hi and thanks. Of all the checks I tried to figure, none of them has extra of a fixed amount. I had thought of that before. Back to the drawing board eh? Something simple and I can't get it right. Bobby >Bobby, >Do you have a fixed amount in addition to the prercentage? [quoted text clipped - 36 lines] >> >Regards, >> >Ron >1st Thanks Ron, but I did this before and can't come out right, could >you lead me right? [quoted text clipped - 8 lines] >Where am I going wrong? As soon as I see what I'm doing wrong I'll get >it right away. Perhaps you are not including the moneys withheld for Social Security and Medicare? That would make their withholding pretty close to what you are calculating. --ron Your paycheck receipt should break down various amounts withheld. Simple-minded approach: Put gross pay in A1 Put tax withheld in A2 Put formula "=A2/A1" in cell A3 and format as percentage. For more details, ask your company how they calculate this amount. Bill I been trying for several days now to figure the amount of federal tax that is whthheld from my paycheck. I been to so many web sites and now seems to help me. Doe anyone has a spreadsheet that will calculate this, of a site that will do it or show me how? I do have a sheet but never comes out right. Thanks Much Bobby Bill, I also did it this way on 3 checksand it comes out with a different percent, all 3 checks were in the same tax bracket. I' going to have to check with my payroll dept. Thanks Bobby On Sat, 2 Jul 2005 10:54:50 -0700, "Bill Sharpe" <bsharpe@nsadelphia.net> wrote: >Your paycheck receipt should break down various amounts withheld. > [quoted text clipped - 16 lines] > Thanks Much > Bobby To all that helped with this, I finally got it figured out. The fed withholding sheet was right, I was figuring it out wrong. Thanks All Bobby Bobby Wrote: > To all that helped with this, I finally got it figured out. The fed > withholding sheet was right, I was figuring it out wrong. > Thanks All > Bobby I use Excel to figure what my Net pay is. When I get my pay stub, it's about $3-$4 off from my actual pay. Here's how I do it - I figure my gross pay, and deduct any non-taxable amounts to get my adjusted gross. The formula I use to figure Fed taxes is: =SUM(P42-858)*15%+55 The formula I use to figure SSN is: =SUM(P42*6.2%) The formula I use to figure MEDC is: =SUM(P42*1.45%) I then deduct any remaining post-tax amounts to get my Net Pay. If my adjusted gross is more than $2490, then I use this - =SUM(J42-2490)*25%+299.8 These seem to estimate my Net pay pretty close, within 3-4 $$$. SignatureLtat42a For 2006, a good fiormula is: =max(0, 10%*(A1 - B1*63.46 - 51), 15%*(A1 - B1*63.46 - 98), 25%*(A1 -B1*63.46 - 306.80), 28%*(A1 - B1*63.46 - 424.89), 33%*(A1 - B1*63.46 -817.03), 35%*(A1 - B1*63.46 - 1142.23)) if you are single and A1 is your gross, and B1 is your allowances. SignatureAlden > For 2006, a good fiormula is: > =max(0, 10%*(A1 - B1*63.46 - 51), 15%*(A1 - B1*63.46 - 98), 25%*(A1 > -B1*63.46 - 306.80), 28%*(A1 - B1*63.46 - 424.89), 33%*(A1 - B1*63.46 > -817.03), 35%*(A1 - B1*63.46 - 1142.23)) > if you are single and A1 is your gross, and B1 is your allowances. Not sure why you are responding to a thread that is one year old. But the formula above is for Weekly Single. The OP wrote: "I used the Table 2 Biweekly married". |
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