ATC 9-9 Spreadsheet Assignment The following information is available for Lumberton Co. for the week ending June 28, Year 1. All employees are paid time and one-half for all hours over 40. Each employee has a cumulative salary of over $7,000, but less than $110,000. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages and that the Medicare tax rate is 1.5 percent of total wages. The company contributes the retirement cost to a retirement plan for the employee Employee Rate of Pay Jillian $15 per hour Carl 18 Yolanda 16 Contributions to Hours Fed WH % Retirement Plans 32 12% $20 per week 46 10 10% of gross pay 45 10 10% of gross pay Required a. Set up a spreadsheet to compute the net pay for each of the preceding employees. You will need to insert the appropriate Excel formulas. I have attached a workbook for you to build upon. atproblem solution Microsoft Excel Home Insert Page Layout Formu Data View Arbat Paste be Conational forma Formatting Shir Sort Find Select- Laring C SUM ALSE G H M Opboard Font Agent Number - + V + 84C) +("E4] A B D 3 Employee Rate of Pay Regular Hours Overtime Rate Overtime Hours Gross Day & in $15.00 321 $22.50 0-14C4}(DOC) 5 Carl $18.00 40 $27.00 6 6 Yolanda $16.00 40 $24.00 5 7 # 9 Employee Gross Pay Social Security Medicare Fed WH Amt. Net Pay 10 ilian 11 Cart 12 Yolanda 13 14 15 Compensation Cost for Lumberton Co. 26 Salary Expenses 12 Millian 18 Cart 19 Yolanda 20 21 Payroll Tax Expense: 22 ian 23 Cart 24 Yolanda 25 20 Retirement Contributions 27 Jan 4 un problem.Sheet) b. What is the total amount of compensation cost (salary cost plus payroll tax cost) for Lumberton Co. for the week ending June 28, Year 1? c. Lumberton is considering adding group health insurance coverage for its employees to its benefits package. If the average cost of health insurance per employee is $3,900 per year, how much additional cost would be added to the weekly compensation cost for Lumberton? Assume the addition of health insurance and recompute the total compensation cost for Lumberton for the week ending June 28, Year 1