Tax Withholding. Summary: This list is used in figuring income tax withheld using percentage method for an employee who makes $600.00 a week
and has a Form W-4
in effect that claims two allowances. It states:
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1. Total wage payment: $600.00
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2. One allowance: $61.54
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3. Allowances claimed on Form W-4: 2
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4. Multiply line 2 by line 3: $123.08
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5. Amount subject to withholding (subtract line 4 from line 1): $476.92
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6. Tax to be withheld on $476.92 from Table 1--single person, page 36: $57.04
