\begin{tabular}{|c|c|c|} \hline 10 & 7 & employeeinformationsectiontoconstructaformula(orsetofnestedformulas)tocalculatethetaxrate.Forexample,asingleemployeewith$15,000inincomewouldhavea33%marginaltaxrate. \\ \hline 11 & 2.5 & Calculatethefederalincometax.Thefederalincometaxistheadjustedincometimesthefederalincometaxrateyoucalculatedintask10. \\ \hline 12 & 2.5 & Calculatethetaxadjustmentforallowances.Anemployeewillhavelessfederalincometaxwithheldforeveryallowancethattheyclaim.Allowancesaccountforthenumberofdependentstheywillclaimontheirtaxesandotherfactorsthatwillultimatelyreducetheamountoffederaltaxestheywillpay.Theadjustmentforallowancesiscalculatedastheproductofthenumberofallowances(intheemployeeinformationsection),theallowancedeductionamount(inthemodelassumptions),andtheemployeetaxrate(calculatedintask10). \\ \hline 13 & 4.5 & Calculatethenetfederalincometax.Thenetfederalincometaxisthedifferencebetweenthefederalincometaxandtheadjustmentforallowances.Iftheadjustmentforallowancesisgreaterthanthefederalincometaxthenthenetfederalincometaxiszero(0). \\ \hline 14 & 2.5 & Calculatethestateincometax.Thestatetaxistheadjustedincometimesthestatetaxrateinthemodelassumptions. \\ \hline 15 & 2.5 & Calculatethemedicaretax.Themedicaretaxisthetotalgrossincometimesthemedicaretaxrateinthemodelassumptions \\ \hline 16 & 2.5 & Calculatethesocialsecuritytax.Thesocialsecuritytaxisthetotalgrossincometimesthesocialsecuritytaxrateinthemodelassumptions. \\ \hline 17 & 2.5 & Calculatetotaltaxes.Totaltaxesarethesumofthenetfederalincometax,stateincometax,medicare,andsocialsecuritytaxes. \\ \hline Total: & 50 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline 5 & 2.5 & Calculatetheinsurancepremiumdeductionbyreferencingtheappropriatecellintheemployeeinformationsectionofthemodel.Noticetheamountinthissectionisalreadycalculatedforeachpaycheck \\ \hline 6 & 2.5 & Calculatetheflexiblespendingdeductionbyreferencingtheappropriatecellintheemployeeinformationsectionofthemodel.Noticethattheflexiblespendingdeductionisanannualrate.Youwillneedtodividethisbythenumberofpaychecksperyearintheassumptionssectionofthemodel. \\ \hline 7 & 2.5 & Calculatetheretirementsavingsdeduction.Theretirementsavingsdeductionisthetotalgrosspaytimestheretirementsavings%fortheemployee. \\ \hline 8 & 2.5 & Calculatethetotaldeductions.Thetotaldeductionsequalthesumoftheinsurance,flexiblespending,andretirementsavingsdeductions. \\ \hline 9 & 2.5 & Calculatetheadjustedincome.Theadjustedincomeisthedifferencebetweenthetotalgrossincomeandthetotaldeductions. \\ \hline 10 & 7 & Calculatethefederaltaxrate.Thefederaltaxrateisafunctionoftheadjustedincomeandtheemployeesmaritalstatus.Referencethetaxtablesinthemodelassumptionsandthemaritalstatusintheemployeeinformationsectiontoconstructaformula(orsetofnestedformulas)tocalculatethetaxrate.Forexample,asingleemployeewith$15,000inincomewouldhavea33%marginaltaxrate. \\ \hline 11 & 2.5 & Calculatethefederalincometax.Thefederalincometaxistheadjustedincometimesthefederalincometaxrateyoucalculatedintask10. \\ \hline 12 & 2.5 & Calculatethetaxadjustmentforallowances.Anemployeewillhavelessfederalincometaxwithheldforeveryallowancethattheyclaim.Allowancesaccountforthenumberofdependentstheywillclaimontheirtaxesandotherfactorsthatwillultimatelyreducetheamountoffederaltaxestheywillpay.Theadjustmentforallowancesiscalculatedastheproductofthenumberofallowances(intheemployeeinformationsection),theallowancedeductionamount(inthemodelassumptions),andtheemployeetaxrate(calculatedintask10). \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline 10 & 7 & employeeinformationsectiontoconstructaformula(orsetofnestedformulas)tocalculatethetaxrate.Forexample,asingleemployeewith$15,000inincomewouldhavea33%marginaltaxrate. \\ \hline 11 & 2.5 & Calculatethefederalincometax.Thefederalincometaxistheadjustedincometimesthefederalincometaxrateyoucalculatedintask10. \\ \hline 12 & 2.5 & Calculatethetaxadjustmentforallowances.Anemployeewillhavelessfederalincometaxwithheldforeveryallowancethattheyclaim.Allowancesaccountforthenumberofdependentstheywillclaimontheirtaxesandotherfactorsthatwillultimatelyreducetheamountoffederaltaxestheywillpay.Theadjustmentforallowancesiscalculatedastheproductofthenumberofallowances(intheemployeeinformationsection),theallowancedeductionamount(inthemodelassumptions),andtheemployeetaxrate(calculatedintask10). \\ \hline 13 & 4.5 & Calculatethenetfederalincometax.Thenetfederalincometaxisthedifferencebetweenthefederalincometaxandtheadjustmentforallowances.Iftheadjustmentforallowancesisgreaterthanthefederalincometaxthenthenetfederalincometaxiszero(0). \\ \hline 14 & 2.5 & Calculatethestateincometax.Thestatetaxistheadjustedincometimesthestatetaxrateinthemodelassumptions. \\ \hline 15 & 2.5 & Calculatethemedicaretax.Themedicaretaxisthetotalgrossincometimesthemedicaretaxrateinthemodelassumptions \\ \hline 16 & 2.5 & Calculatethesocialsecuritytax.Thesocialsecuritytaxisthetotalgrossincometimesthesocialsecuritytaxrateinthemodelassumptions. \\ \hline 17 & 2.5 & Calculatetotaltaxes.Totaltaxesarethesumofthenetfederalincometax,stateincometax,medicare,andsocialsecuritytaxes. \\ \hline Total: & 50 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline 5 & 2.5 & Calculatetheinsurancepremiumdeductionbyreferencingtheappropriatecellintheemployeeinformationsectionofthemodel.Noticetheamountinthissectionisalreadycalculatedforeachpaycheck \\ \hline 6 & 2.5 & Calculatetheflexiblespendingdeductionbyreferencingtheappropriatecellintheemployeeinformationsectionofthemodel.Noticethattheflexiblespendingdeductionisanannualrate.Youwillneedtodividethisbythenumberofpaychecksperyearintheassumptionssectionofthemodel. \\ \hline 7 & 2.5 & Calculatetheretirementsavingsdeduction.Theretirementsavingsdeductionisthetotalgrosspaytimestheretirementsavings%fortheemployee. \\ \hline 8 & 2.5 & Calculatethetotaldeductions.Thetotaldeductionsequalthesumoftheinsurance,flexiblespending,andretirementsavingsdeductions. \\ \hline 9 & 2.5 & Calculatetheadjustedincome.Theadjustedincomeisthedifferencebetweenthetotalgrossincomeandthetotaldeductions. \\ \hline 10 & 7 & Calculatethefederaltaxrate.Thefederaltaxrateisafunctionoftheadjustedincomeandtheemployeesmaritalstatus.Referencethetaxtablesinthemodelassumptionsandthemaritalstatusintheemployeeinformationsectiontoconstructaformula(orsetofnestedformulas)tocalculatethetaxrate.Forexample,asingleemployeewith$15,000inincomewouldhavea33%marginaltaxrate. \\ \hline 11 & 2.5 & Calculatethefederalincometax.Thefederalincometaxistheadjustedincometimesthefederalincometaxrateyoucalculatedintask10. \\ \hline 12 & 2.5 & Calculatethetaxadjustmentforallowances.Anemployeewillhavelessfederalincometaxwithheldforeveryallowancethattheyclaim.Allowancesaccountforthenumberofdependentstheywillclaimontheirtaxesandotherfactorsthatwillultimatelyreducetheamountoffederaltaxestheywillpay.Theadjustmentforallowancesiscalculatedastheproductofthenumberofallowances(intheemployeeinformationsection),theallowancedeductionamount(inthemodelassumptions),andtheemployeetaxrate(calculatedintask10). \\ \hline \end{tabular}