I believe I have solved the mystery! Recap..... Paycheck = $552, Marital status=single, 0 allowances. Calculation based on formula.... ((552-164)*.15)+11.30)=$69.50....rounded to $70.
So, why does quickbooks come up with $69? They annualize the paycheck, calculate the tax, and divide by 52. So..... 552 * 52 = $28704.00 Annual FWH (per table 7 page 35 of circular E) ((28704-8550)*.15)+590)=$3613.10 $3613.10 / 52 = $69.48, which rounds down to $69! Humbly submitted Mike Sinclair
