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A B D E F G H 1 J K L Metropolitan Zoo WN - Gift Shop Department Hourly Overtime Pay Federal Withholding Tax Wage Gross Pay Taxable Pay FICA Net Pay No. of Dependents 2 1 3 1 1 4 Name 5 Abram 6 Acosta 7 Bordeaux 8 Higinbotham 9 lanziti 10 Jaussi 11 Ling 12 Munoz 13 Riley 14 Sabey 15 Trujillo 16 Weston 17 Totals 18 19 1 3 Hours Worked Regular Pay 48 48 50 35 40 44 40 20 38 45 15 41 9.95 9.55 11.75 11.75 10 9.55 15.75 12.25 13.35 10 9.95 11.75 2 3 2 1 2 # of Hours Gross Pay Net Pay 20 Assumptions 21 Base Work Hours 22 Overtime rate 23 FICA rate 24 Deduct per Depend $ 25 26 40 1.5 7.65% 50.00 Taxable Pay $0 $250 $300 $450 $525 Tax Rate 15% 22% 25% 28% 31% Summary Statistics Average Highest Lowest C5 X fic 9.95 H J L # of Hours Gross Pay Net Pay Summary Statistics Average Highest Lowest B E F 13 Riley 3 13.35 38 14 Sabey 2 10 45 15 Trujillo 1 9.95 15 16 Weston 2 11.75 41 17 Totals 18 19 Taxable 20 Assumptions Pay Tax Rate 21 Base Work Hours 40 $0 15% 22 Overtime rate 1.5 $250 22% 23 FICA rate 7.65% $300 25% 24 Deduct per Depend $ 50.00 $450 28% 25 $525 31% 26 27 Notes 28 1. The base workweek is 40 hours. Regular pay is based on hourly wage and hours worked up to 40. 29 2. Overtime pay is based on overtime hours, the hourly wage, and the overtime rate. 30 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 31 and the product of the number of dependents and deduction per dependent. 32 5. Federal withholding tax is calculated on the taxable pay based on the tax table. 33 6. FICA is calculated on the employee's gross pay. 34 7. The net pay is based on the gross pay, federal withholding tax, and FICA. 35 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 3 3 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. 4 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. 5 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. 7 Note, Mac users, with the range selected, on the Home tab, in the Editing group, click Auto Sum. 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. 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 format. 8 9 Insert a footer with your name on the left side, the sheet name code in the center, and the file name code on the right side of the worksheet A B D E F G H 1 J K L Metropolitan Zoo WN - Gift Shop Department Hourly Overtime Pay Federal Withholding Tax Wage Gross Pay Taxable Pay FICA Net Pay No. of Dependents 2 1 3 1 1 4 Name 5 Abram 6 Acosta 7 Bordeaux 8 Higinbotham 9 lanziti 10 Jaussi 11 Ling 12 Munoz 13 Riley 14 Sabey 15 Trujillo 16 Weston 17 Totals 18 19 1 3 Hours Worked Regular Pay 48 48 50 35 40 44 40 20 38 45 15 41 9.95 9.55 11.75 11.75 10 9.55 15.75 12.25 13.35 10 9.95 11.75 2 3 2 1 2 # of Hours Gross Pay Net Pay 20 Assumptions 21 Base Work Hours 22 Overtime rate 23 FICA rate 24 Deduct per Depend $ 25 26 40 1.5 7.65% 50.00 Taxable Pay $0 $250 $300 $450 $525 Tax Rate 15% 22% 25% 28% 31% Summary Statistics Average Highest Lowest C5 X fic 9.95 H J L # of Hours Gross Pay Net Pay Summary Statistics Average Highest Lowest B E F 13 Riley 3 13.35 38 14 Sabey 2 10 45 15 Trujillo 1 9.95 15 16 Weston 2 11.75 41 17 Totals 18 19 Taxable 20 Assumptions Pay Tax Rate 21 Base Work Hours 40 $0 15% 22 Overtime rate 1.5 $250 22% 23 FICA rate 7.65% $300 25% 24 Deduct per Depend $ 50.00 $450 28% 25 $525 31% 26 27 Notes 28 1. The base workweek is 40 hours. Regular pay is based on hourly wage and hours worked up to 40. 29 2. Overtime pay is based on overtime hours, the hourly wage, and the overtime rate. 30 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 31 and the product of the number of dependents and deduction per dependent. 32 5. Federal withholding tax is calculated on the taxable pay based on the tax table. 33 6. FICA is calculated on the employee's gross pay. 34 7. The net pay is based on the gross pay, federal withholding tax, and FICA. 35 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 3 3 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. 4 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. 5 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. 7 Note, Mac users, with the range selected, on the Home tab, in the Editing group, click Auto Sum. 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. 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 format. 8 9 Insert a footer with your name on the left side, the sheet name code in the center, and the file name code on the right side of the worksheet
