C. Home Insert Draw Page Layout X n AutoSave Paste C21 1 2 3 4 5...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
C. Home Insert Draw Page Layout X n AutoSave Paste C21 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 A Hours Worked Pay Rate Marital Status # of Allowances Calibri (Body) I U Net Pay B Gross Pay Total Deductions Adjusted Income Total Taxes Income Hours Worked Pay Rate Retirement Savings % Health Insurance (every paycheck) Flexible Spending (Annual) Regular Pay Overtime Pay Total Gross Pay fx Adjusted Income B Pricing Employee Information Paycheck Summary Paycheck Calculations Deductions (Items not subject to income tax) Insurance Flexible Spending Retirement Total Deductions Taxes Federal Income Tax Rate Federal Income Tax Adjustment for Allowances Net Federal Income Tax State Income Tax Medicare Tax Paycheck V Ready Accessibility: Investigate 12 + Formulas V V C Α Α΄ A. V 85 $30.00 Married 2 5% $125.00 $1,500.00 $0.00 $0.00 $0.00 $0.00 $0.00 D Data |||| Review E ab # regular hours in Pay Period # of paychecks per year Medicare Rate Social Security Rate View Automate Payroll Tax information Income Tax Information Allowance Deduction State Tax Rate TI F 80 26 1.45% 4.2% ab $146 5% G MyEducator-Add-in.xlsx Model Assumptions General Tell me $ ✓ % 9 V H I J "Single" Tax Rate Income Rate $0 10% $725 15% $2,945 25% $7,137 28% $14,887 33% $32,362 35% K .00 ✈0 Federal Tax Rate Tables Read-Only ✓ L V Conditional Format Formatting as Table "Married" Tax Rate Income Rate $0 10% $1,450 15% $5,891 25% $11,891 28% $18,120 33% $32,362 35% V M Cell Styles N ⠀⠀ O Insert ✓ Delete ✓ Format ✔ P WE Σ V V 28.0 V Sort & Filter Find & Select Comments ♂ 2.5 888 Share MyEducator Tasks (2.5) 1.9 Calculate the adjusted income. • The adjusted income is the difference between the total gross pay and the total deductions. me Sensitivity Analyze Tasks Data B Font Size 1.10 Use an IF function with nested VLOOKUP functions to calculate the Federal Income Tax Rate. a. The federal tax rate is a function of the adjusted income and the employee's marital status. b. Reference the tax tables in the Model Assumptions and the marital status in the Employee Information section to construct a formula (set of nested formulas) to calculate the tax rate. c. For example, a single employee who earned $15,000 would pay a 33% marginal tax rate. 7 1.11) Calculate the federal income tax. • The federal income tax is the adjusted income times the federal B 100% C. Home Insert Draw Page Layout X n AutoSave Paste C21 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 A Hours Worked Pay Rate Marital Status # of Allowances Calibri (Body) I U Net Pay B Gross Pay Total Deductions Adjusted Income Total Taxes Income Hours Worked Pay Rate Retirement Savings % Health Insurance (every paycheck) Flexible Spending (Annual) Regular Pay Overtime Pay Total Gross Pay fx Adjusted Income B Pricing Employee Information Paycheck Summary Paycheck Calculations Deductions (Items not subject to income tax) Insurance Flexible Spending Retirement Total Deductions Taxes Federal Income Tax Rate Federal Income Tax Adjustment for Allowances Net Federal Income Tax State Income Tax Medicare Tax Paycheck V Ready Accessibility: Investigate 12 + Formulas V V C Α Α΄ A. V 85 $30.00 Married 2 5% $125.00 $1,500.00 $0.00 $0.00 $0.00 $0.00 $0.00 D Data |||| Review E ab # regular hours in Pay Period # of paychecks per year Medicare Rate Social Security Rate View Automate Payroll Tax information Income Tax Information Allowance Deduction State Tax Rate TI F 80 26 1.45% 4.2% ab $146 5% G MyEducator-Add-in.xlsx Model Assumptions General Tell me $ ✓ % 9 V H I J "Single" Tax Rate Income Rate $0 10% $725 15% $2,945 25% $7,137 28% $14,887 33% $32,362 35% K .00 ✈0 Federal Tax Rate Tables Read-Only ✓ L V Conditional Format Formatting as Table "Married" Tax Rate Income Rate $0 10% $1,450 15% $5,891 25% $11,891 28% $18,120 33% $32,362 35% V M Cell Styles N ⠀⠀ O Insert ✓ Delete ✓ Format ✔ P WE Σ V V 28.0 V Sort & Filter Find & Select Comments ♂ 2.5 888 Share MyEducator Tasks (2.5) 1.9 Calculate the adjusted income. • The adjusted income is the difference between the total gross pay and the total deductions. me Sensitivity Analyze Tasks Data B Font Size 1.10 Use an IF function with nested VLOOKUP functions to calculate the Federal Income Tax Rate. a. The federal tax rate is a function of the adjusted income and the employee's marital status. b. Reference the tax tables in the Model Assumptions and the marital status in the Employee Information section to construct a formula (set of nested formulas) to calculate the tax rate. c. For example, a single employee who earned $15,000 would pay a 33% marginal tax rate. 7 1.11) Calculate the federal income tax. • The federal income tax is the adjusted income times the federal B 100%
Expert Answer:
Answer rating: 100% (QA)
To calculate the adjusted income you need to subtract t... View the full answer
Related Book For
Intermediate Algebra
ISBN: 9780134895987
13th Edition
Authors: Margaret Lial, John Hornsby, Terry McGinnis
Posted Date:
Students also viewed these finance questions
-
The plank you are going to walk has a length and a mass as shown in the picture below. The plank is not bolted down but is to be placed so that a bit of the plank is actually in contact with the...
-
What is the price of the following bond? Face Value: $1,000 YTM (Yield of comparable bonds): 8% Coupon: 8% Maturity: 8 years Round your answer to the nearest two decimals. Do not type the $ symbol.
-
Moran owns a building he bought during year 0 for $237,000. He sold the building in year 6. During the time he held the building, he depreciated it by $33,250. What are the amount and character of...
-
Describe what this statement does: print user name = + userName
-
The comparative balance sheet of Graphic Design Studio, Inc., at June 30, 20X9, included these amounts. Transaction data for the year ended June 30, 20X9: a. Net income, $60,300 b. Depreciation...
-
On October 1, Wilshire Company borrowed $60,000 from People's National Bank on a one-year, 7 percent note. Required: What adjusting entry should Wilshire make at December 31?
-
In a sample of 100 eruptions of the Old Faithful geyser at Yellowstone National Park, the mean interval between eruptions was 129.58 minutes and the standard deviation was 108.54 minutes. A random...
-
On January 1, 2012, the ledger of Kindt Company contained these liability accounts. Accounts Payable .........$42,500 Sales Taxes Payable .........6,600 Unearned Service Revenue .....19,000 During...
-
please help. A. Kencana Son Bhd (Kencana), a company resident in Malaysia has entered into a CF contract to purchase medical equipment from Medix Co Lid (Medix), a company An resident in Germany in...
-
Able and Body are unrelated individuals. In September of the present year, they decide to form I Can Too Corporation. Able contributes a building and land with a basis of $35,000 and and a fair...
-
Good day! We were assigned to interview hotel staffs about their amenities, services or offers and ratings. Please help us with at least 5 interview questions. Thank you
-
Malt Ltd is considering a new project that will require equipment costing $2,000,000. The company believes the project will generate after-tax cash flows of $350,000 per year forever, with the first...
-
NanoForge Company installs lawn sod in home yards. The company's most recent monthly contribution format income statement is provided below. Using the degree of operating leverage, estimate the...
-
Malala Yousafzai's basic details (name, DOB/Est., location, education, and other pertinent background data) You should provide details about the law that was modified (or that Malala Yousafzai is...
-
At a price of $100, the tourists rented 12 bicycles for the city tour from a local bicycle rental shop. When its rental price increased to $125, 10 cycles were rented. Calculate the absolute value of...
-
How the following influence world economy and trade: Plate tectonics Topography Orographic effect Water scarcity Greenhouse-effect Climate change Geographic hazards, including: Earthquakes, Volcanic...
-
Describe a situation when an organization was compelled to change its communication technology due to elements in either the internal operating environment or external operating environment. Because...
-
Assume Eq. 6-14 gives the drag force on a pilot plus ejection seat just after they are ejected from a plane traveling horizontally at 1300 km/h. Assume also that the mass of the seat is equal to the...
-
A student incorrectly simplified the radical expression 6-43 as 21 2V/3.
-
The following exercises are of mixed variety. Factor each polynomial. 56k 3 - 875
-
Write in exponential form. log 1/4 1 2 || 1 2
-
Find the number of different prime factors of 180 .
-
Using prime factorization, determine the greatest common divisor of 36 and 128.
-
Find the prime factorization of 85.
Study smarter with the SolutionInn App