AutoSave C Home Insert Draw Page Layout Formulas G X Calibri (Body) 12 Paste B I U A C21 fx B Data Review View Automate MyEducator-Add-in.xlsx - Read-Only Tell me General $ % 9 0 .00 0 .00 Conditional Format Formatting as Table Styles Cell O M 1 Comments Share Insert me Delete Format Sort & Filter Find & Select Sensitivity Analyze Tasks Data A D E F G H | J K L M N O P 1 2 Employee Information Model Assumptions 3 Hours Worked 4 Pay Rate 85 $30.00 # regular hours in Pay Period 80 5 Marital Status Married # of paychecks per year 26 6 # of Allowances 2 7 Retirement Savings % 5% 8 Health Insurance (every paycheck) $125.00 Payroll Tax information Medicare Rate 1.45% 9 Flexible Spending (Annual) $1,500.00 Social Security Rate 4.2% 10 11 Paycheck Summary Income Tax Information 12 Gross Pay $0.00 Allowance Deduction $146 Rate $0 10% $725 15% $2,945 25% $7,137 28% $14,887 33% $32,362 35% Federal Tax Rate Tables "Single" Tax Rate Income MyEducator Tasks The State tax is the adjusted income times the state tax rate in the Model Assumptions section. "Married" Tax Rate Income Rate $0 10% $1,450 15% $5,891 25% $11,891 28% $18,120 $32,362 2.5 1.15 Calculate the medicare tax rate. < 33% 35% 13 Total Deductions $0.00 State Tax Rate 5% 14 Adjusted Income $0.00 15 Total Taxes $0.00 Font Size The medicare tax rate is the total gross s the medicare tax rate in the Model Assumptions section. 16 17 Net Pay $0.00 18 19 Paycheck Calculations 20 Income 21 Hours Worked 22 Pay Rate 23 Regular Pay 24 Overtime Pay 25 Total Gross Pay 26 27 28 Deductions (Items not subject to income tax) Insurance 2.5 1.16 Calculate the social security tax. The social security tax is the total gross pay times the social security tax rate in the Model Assumptions section. 29 Flexible Spending 30 Retirement 31 Total Deductions 32 33 Adjusted Income 34 35 Taxes 36 Federal Income Tax Rate 37 Federal Income Tax 38 Adjustment for Allowances 39 Net Federal Income Tax 40 State Income Tax 41 Medicare Tax Ready Pricing Paycheck Accessibility: Investigate 2.5 1.17 Calculate the total taxes. The total taxes is the sum of the net federal income tax, the state income tax, the medicare tax, and social security tax. 2.5 + | B| + 100% 0%