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Need help on how to complete steps 2-8. Any helpful answer will receive upvote Metropolitan Zoo Gift Shop Department Notes 1. The base workweek is
Need help on how to complete steps 2-8. Any helpful answer will receive upvote
Metropolitan Zoo Gift Shop Department Notes 1. The base workweek is 40 hours. Regular pay is based on hourly wage and hours worked up to 40. 2. Overtime pay is based on overtime hours, the hourly wage, and the overtime rate. 3. The gross pay is the total of the regular pay and overtime pay. 4. The taxable pay is the difference between the gross pay and the product of the number of dependents and deduction per dependent. 5. Federal withholding tax is calculated on the taxable pay based on the tax table. 6. FICA is calculated on the employee's gross pay. 7. The net pay is based on the gross pay, federal withholding tax, and FICA. 2 Use IF functions to calculate the regular pay and overtime pay based on a regular 40-hour workweek in cells E5 and F5. Pay overtime only for overtime hours. In cell G5, calculate the gross pay based on the regular and overtime pay. Abram's regular pay is $398. With 8 overtime hours, Abram's overtime pay is $119.40. Create a formula in cell H5 to calculate the taxable pay. Multiply the number of dependents (column B) by the deduction per dependent (B24) and subtract that from the gross pay. With two dependents, Abram's taxable pay is $417.40. Use a VLOOKUP function in cell 15 to identify and calculate the federal withholding tax. Use the tax rates from the range D21:E25. The VLOOKUP function returns the applicable tax rate, which you must then multiply by the taxable pay. Calculate FICA in cell J5 based on gross pay and the FICA rate (cell B23) and calculate the net pay in cell K5. Copy all formulas down their respective columns to row 16. 6 With the range E5:K16 selected, use Quick Analysis tools to calculate the total regular pay, overtime pay, gross pay, taxable pay, withholding tax, FICA, and net pay on row 17. Note, Mac users, with the range selected, on the Home tab, in the Editing group, click AutoSum. 7 Apply Accounting Number Format to the range C5:C16. Apply Accounting Number Format to the first row of monetary data and to the total row. Apply the Comma style to the monetary values for the other employees. Apply the Total cell styles format to the range E17:K17. 8 Insert appropriate functions to calculate the average, highest, and lowest values in the Summary Statistics area (the range 121:K23) of the worksheet. Format the \# of hours calculations as Number format with one decimal and the remaining calculations with Accounting number formatStep by Step Solution
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