Get the free withholdingtaxtableweekly form - revenue ky

KENTUCKY WITHHOLDING TAX TABLE WEEKLY PAYROLL PERIOD IF THE WAGES AREA LEAST BUT LESS THAN 2015 AND THE NUMBER OF EXEMPTIONS CLAIMED IS10 0 1 2 3 4 5 6 7 8 9 OR MORE THE AMOUNT OF TAX TO BE WITHHELD

Instructions and Help about withholdingtaxtableweekly form - revenue

Hi welcome to easy payroll guide my name is Karen Hutchinson and in this video we're going to talk about how to use the percentage method when you're trying to calculate withholding taxes for your employees this method can be used to calculate the withholding tax for any employee it does not matter how many withholding allowances they have chosen or the amount of their wages, so this method can be used at any point whenever you are trying to determine withholding taxes you always need to use the employee's w-4 form this form will detail all the information that you need in order to make this calculation we're going to use this fictitious character John Doe and this is the same exact example that we used in my previous video which was on using the wage bracket method, so we're going to use the same two scenarios in order to calculate the same tax but using the percentage method John is single, and he claims only one allowance remember that this information is filled out by the employee, so this is the information that you must use when calculating their withholding tax John is paid on a bi-weekly basis which means that he's paid every other week and his wages for this pay period or 720 dollars, so this is the information that we need to use in order to make the calculation so the first thing that we need to do the very first step now this calculation is a little more complicated, so please follow along with me the first step is that the IRS in publication 15 has given us a percentage method table, so these are the amounts for 2014 and these are the amounts for one withholding allowance, and it's broken down by the pay period and then just the withholding out, so it doesn't matter at this point how many allowances it just matters what pay period you're using so what you want to do is multiply one withholding allowance by the amounts, and you want to multiply that by the number with boating allowance that they have claimed so for example John is paid on a bi-weekly basis, so we're going to use the second line which is one hundred fifty-one dollars and ninety cents John has only claimed one allowance so this one hundred fifty-one dollars and ninety cents is what we need to use for Dawn if John's had claimed two allowances than we would multiply this number by two okay so one hundred fifty-one dollars and ninety cents times one allowance is one hundred fifty-one dollars and ninety cents, so this is the number that we are going to use in step two okay, so you're going to multiply this number by the number of allowances make sure that you pick the right number based on the payroll period step two is then to subtract this amount from the employees wages, so we know that John had made seven hundred twenty dollars, and we're going to subtract one hundred fifty-one dollars and ninety cents and that gives us five hundred sixty-eight dollars and ten cents so this amount five hundred sixty dollars and ten cents is the amount that we're going to use to go to...

For pdfFiller’s FAQs

What is withholdingtaxtableweekly form?

The withholdingtaxtableweekly form is a form used by employers to report the weekly withholding taxes for their employees.

Who is required to file withholdingtaxtableweekly form?

Employers are required to file the withholdingtaxtableweekly form for each of their employees.

How to fill out withholdingtaxtableweekly form?

To fill out the withholdingtaxtableweekly form, employers need to enter the employee's information, total wages, and the amount of taxes withheld for the week.

What is the purpose of withholdingtaxtableweekly form?

The purpose of the withholdingtaxtableweekly form is to report the weekly withholding taxes for each employee to the tax authorities.

What information must be reported on withholdingtaxtableweekly form?

The withholdingtaxtableweekly form must include the employee's name, social security number, total wages, and the amount of taxes withheld for the week.

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