Project Description As manager of the gift shop at the Metropolitan Zoo, you are responsible for managing the weekly payroll. Your assistant developed a partial worksheet, but you need to enter the formulas to calculate the regular pay, overtime pay, gross pay, taxable pay, withholding tax, FICA, and net pay. In addition, you want to include total pay columns and calculate some basic statistics. As you construct formulas, make sure you use absolute and relative cell references correctly in formulas Steps to Perform: Instructions Possible Open the downloaded file exploring e02 grader h2.xisx 2 Use IF functions to calculate the regular pay and overtime pay based on a regular 40-hour 20 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 Create a formula in cell H5 to calculate the taxable pay. Multiply the number of dependents 10 (column 8) 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 20 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 10 6 With the range E5:K16 selected, use Quick Analysis tools to calculate the total regular pay. 10 overtime pay, gross pay, taxable pay, withholding tak FICA, and net pay on row 17 Note Mac users, with the range selected. AutoSum. on the Home tab in the Editing group, click 7 Apply Accounting Number Format to the range CSC16. 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. Underline the las: employee's monetary values and use the Format Cells dialog box to apply Top and Double Bottom border for the totals 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 General number format 15 with one decimal and the remaining calculations with Accounting number format. 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 5 Save and close the workbook Submit the file as directed 10 Metropolitan Zoo Gift Shop Department Federal Overtime No. of Dependents Wage Worked Regular Pay Pay Hourly Hours Net Pay Taxable Pay Withholding Tx FICA Gross Pay 9.9548 9.5548 11.75s0 $11.75 35 Acosta3 6 Acosta 7 Bordeaux 10.0040 9.5544 9 lanzit 10 Jauss 11 Lng 12 Muno0z 13 Riley 14 Sabey 15 Tujlo 16 Weston $15.750 $1225 20 $1335 38 $10.00 45 9.951 $11.75 41 17 Totais 18 19 Taxable Pay Summary Statistics Average Highest Lowest Tax Rate 15% 22% 25% 28% 31% B of Hours Gross PayNet Pay 20 Assumptions So $250 | $300 $450 $525 21 Base Work Hous 22 Overtime rate 23 FICA ate 24 Dedudt per Depend50.00 25 26 27 40 1.5 7.65% 28 1. The base workweek s 40 hours Regular pay is based on hourly wage and hours worked up to 40 29 2 Ovetime pay s based on overtime hours, the hourly wage, and the overtime rate O, The gross pay s the total of the regular pay and overtime pay 4The taxable pay is the dfference between the gross pay and the product of the number of dependents and deduction per dependent 2 5 Federal whhoding tax is calculated on the taxable pay based on the tax table 36 FICA is calouiated on the ompoyee's gross pay 4 7, The net pay is based on the gross pay, federal withholding lax, and FICA 35