Final answer:
The calculation of Federal Income Tax (FIT) withheld requires current tax tables and consideration of tax brackets, standard deductions, and personal allowances. Without the specific tax tables or the IRS withholding charts, the exact withheld amount cannot be accurately calculated.
Step-by-step explanation:
To calculate the amount withheld for Federal Income Tax (FIT) for Stephen Cabellero, who is married, earns $369.23 weekly, and claims 2 allowances, we need to consider various factors such as the income tax brackets, standard deductions, and personal allowances. However, since specific tax tables or withholding charts provided by the IRS are necessary for an accurate calculation and they are not included in the information provided, we are unable to provide an exact answer.
We can give a general idea of the process though. Normally, one would look up the appropriate withholding table based on the earnings, pay period, and number of allowances claimed. Generally, you subtract the value of the allowances from the earnings to calculate the taxable income and then find out the withholding amount based on the taxable income. The allowances reduce the amount of income that is subject to withholding, meaning the more allowances claimed, the less the amount withheld for income tax.
Understanding tax brackets and withholding allowances are crucial to calculating the amount of income tax withheld. Typically, a certain percentage is deducted from the weekly or bi-weekly gross income, depending on the income bracket in which the taxpayer falls.