Employee Information Model Assumptions Hours Worked 85 Pay Rate $30.00 # regular hours in Pay Period 80 Marital Status Married # of paychecks per year 26 # of Allowances 2 Federal Tax Rate Tables "Single" Tax Rate Income Rate Retirement Savings % 5% Payroll Tax information Health Insurance (every paycheck) $125.00 Medicare Rate 1.45% Flexible Spending (Annual) $1,500.00 Social Security Rate 4.2% Paycheck Summary Income Tax Information $0 10% $725 15% $2,945 25% $7,137 28% $14,887 33% $0 10% $1,450 15% $5,891 25% $11,891 28% $18,120 33% Gross Pay $2,625.00 Allowance Deduction $146 $32,362 35% $32,362 35% Total Deductions $0.00 State Tax Rate 5% Adjusted Income $0.00 Total Taxes $0.00 Net Pay $0.00 Paycheck Calculations Income Hours Worked Pay Rate Regular Pay Overtime Pay Total Gross Pay 85 $30.00 $2,400.00 $225.00 $2,625.00 Deductions (Items not subject to income tax) Pricing Paycheck + "Married" Tax Rate Income Rate 2.5 1.5 Reference the health insurance deduction. a. Reference the appropriate cell in the employee information section of the model for the health insurance deduction. b. Notice the amount in this section is already calculated for each paycheck. 2.5 1.6 Calculate the flexible 1.7 Calculate the retirement 1.8 Calculate the total 1.9 Calculate the adjusted 1.10 Use an IF function with