I'm confused as how to start this, it needs to be down over excel and im not sure what formula to use.

John Smith, vice president of administration for ABC International, has asked you to help him calculate the annual human resources budget. The ABC International's benefits package includes: 1. Medical plan: Insurance Company charges monthly premiums based on the following rules: Individual (no dependent): Less than 3 dependents: At least 3 dependents: $550 per month $600 per month $750 per month The company pays 80% of the cost of this insurance and the employee pays 20%. And you need to multiply the monthly premium by 12 to get the annual cost. 2. Group Life Insurance: ABC International pays entirely for group life insurance. The annual fee is $2.5 per $1000 of coverage. The benefit for employees varies. An exempt (not eligible for overtime pay) employee's benefit is two times his or her salary; a nonexempt (eligible for overtime pay) employee's benefit is one and one-half times his or her annual salary. For example, if an exempt employee's annual salary is $50,000, then the insurance coverage is $100,000; the premium paid by the company is: $250. 3.401K Retirement Plan: Employees may participate in the 401K plan. For those participating employees, the company will pay 5% of their salary to the plan. 4. Worker's Compensation: The worker's compensation premium is based on a fee of $7.5 per $1000 of annual salary. 5. FICA Taxes (Social Security): The Social Security (FICA) tax contains two parts. The Social Security (Old Age, Survivors, and Disability Insurance) FICA tax is based on the first $117,000 of salary paid at the rate of 6.2% with a maximum amount withheld of $7254. The Medicare (Medical Hospital Insurance) FICA tax is based on all earnings paid, at the rate of 1.45%. There is no limit on the Medicare FICA gross. 6. Federal Unemployment Tax (FUTA): ABC International must pay an unemployment tax equal to 6.2% of the first $7000 of each employee's salary. The employee database is given below: Name Annual Salary Exempt 401K Number Dependents 3 Buckingham $129,000 Y N Y Y Y 0 4 1 Cohen Chen Green Jacobs Kline Lee Lewis Strong $95,000 $65,990 $56,000 $70,500 $145,000 $80,000 $6,000 $70,250 N Y Y Y N Y N Y KIZI 2 0 4 Y Y Y 0 3 Design a spreadsheet to compute employee benefits and produce an employee benefits summary report that shows the costs for each program and the total benefit costs. ABC International Annual Benefit Budget Plan Cost Medical Plan Group Life Insurance 401K Plan Worker's Compensation FICA Tax FUTA Total Cost A general principle in designing a spreadsheet is dividing the spreadsheet into sections. Some typical sections are: Input section: This section contains the variables used in formulas that are likely to change. Sometime the input section is said to contain the worksheet's assumption. In this assignment, consider the following variables as input that could be changed: Medical plan premiums Group life insurance premium The percentage of employer's contribution to the 401K plan Worker's compensation premium Social Security FICA tax rate and Medicare tax rate The maximum taxable earnings amount for Social Security FUTA tax rate Calculation section: This section performs the calculations. Report section: This section contains the employee benefits summary report