Inputs M. Todd J. Kress V. Johns Hours worked stright-time 40 40 40 Hours worked overtime 6 12 0 Hourly rate $24.00 $30.00 $16.50 Overtime premium 200% 150% 150% Weekly withholding $218.42 $278.32 $186.45 Earnings prior to payroll period $68,915 $71,725 $32,710 Retirement savings $60.00 $150.00 $50.00 Social security rate 6.0% Medicare rate 1.5% Outputs M. Todd J. Kress V. Johns Gross earnings for the week Deductions: Social security tax Medicare tax Federal income tax withholding Retirement savings Total deductions Net pay a. Enter in B16 the gross earnings formula b. Enter in B18 the formula for social security tax. You will need to use the $ sign in your formula for an absolute cell reference. c. Enter in B19 the formula for the Medicare tax. You will need to use the $ sign in your formula for an absolute cell reference d. Enter in B20 the cell reference for federal income tax withholding. e. Enter in cell B21 the formula for retirement savings. f. Enter in cell B22 the formula for total deductions. g. Enter in cell B23 the formula for net pay. h. Copy the formulas in cells B16:B23 into the remaining unfilled cells to complete the table.