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FPC - Module 2_ Calculations of Pay (1). CA$11.13   Add to cart

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FPC - Module 2_ Calculations of Pay (1).

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FPC - Module 2_ Calculations of Pay (1).

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  • July 16, 2024
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  • 2023/2024
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FPC - Module 2: Calculations of Pay
State Tip Credit - ANS-Maximum Tip Credit(%) x State Minimum wage($)

Piece Rate Pay - ANS-Related to production

Semi-Monthly - ANS-24 tweeks

Bi-Weekly Pay - ANS-26 Weeks

Commission Pay - ANS-- Included in RROP

- Allocated to workweeks earned

- Add 25% for 1 workweek

Constructive Payment - ANS-= When the EE is actually paid, not when the payment is available
to EE

- When amount becomes taxable-

Optional Flat Rate - ANS-- 22%

- Supplemental wages less than $1M:

Aggregate Method - ANS-method of withholding federal income tax from supplemental wages in
which the supplemental payment is combined with the regular wages paid during the most
recent payroll period.

Methods to Calculate FITW for Regular Wages - ANS-- Wage Bracket Method

- Percentage Method

Wage bracket withholding table - ANS-- Easiest to use

Percentage method of withholding - ANS-A procedure for calculating the amount of income tax
to withhold from wages using mathematical formulas rather than simple tables

IRS Publication 15, Circular E - ANS-- Employer's Tax Guide
- Used to calculate withholding

Methods to Calculate FITW for Supplemental Wages - ANS-- Optional Flat Rate

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