Thanks Boo.
So basically there are three factors to a typical bearing capacity problem with water table.
You have the cohesion part, base part, and depth part.
Using the effective unit weight method, if the water table is at the middle of the base and surface, the depth portion of the equation is simply Gamma Total (Total Depth of Footing) - Gamma Water (Total Depth of Water). As if I was calculating the effective unit weight of water.
Or I guess for the depth factor portion, it you could break up the areas of depth into D*Total Unit Weight (where D is the portion above the water table, and d*Total Unit Weight - Unit Weight of Water) where d is the depth of the Water table to the bottom of footing.
Let me know if you guys think I'm on the right track. Thanks.