Final answer:
Without the current IRS withholding tables or specifications for the current tax year, we cannot accurately calculate the FIT withheld for Raymond Barbee. Instead, we explained the general process of annualizing earnings, adjusting for deductions and allowances, and then applying the marginal tax rates based on IRS guidelines.
Step-by-step explanation:
To determine the Federal Income Tax (FIT) withheld for Raymond Barbee who is married filing jointly and earns $1,785 bi-weekly with 3 allowances, we need the current IRS withholding tables or use tax calculation software as IRS guidelines and tax brackets change annually. However, since we lack the specific current tax year information or the withholding table pertinent to the tax year in question, providing an accurate figure is impossible.
Rather, let's discuss the general process. Raymond's biweekly earnings would be annualized and then adjusted for any applicable deductions such as the standard deduction and personal allowances to calculate the taxable income. Once we have the taxable income, we apply it to the appropriate marginal tax rates provided by the IRS for the year to estimate tax liability. Then, the FIT withheld each pay period would be a portion of this annual estimated tax liability.
In practice, most taxpayers use the IRS's W-4 form to determine their withholding amount. The total number of allowances claimed and marital status indeed impact withholding levels, as do any additional tax credits or deductions for which Raymond maybe eligible.