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Employee Information Model Assumptions Hours Worked Pay Rate Marital Status # of All owa nces Retirement Savings % Health Insurance (every paycheck) Flexible Spending (Annual) 85 # regular hours in Pay Period # of paychecks per year $30.00 80 Federal Tax Rate Tables Married Single" Tax Rate "Married" Tax Rate Rate 10% 15% 25% 28% 33% 35% Rate 10% 15% 25% 28% 33% 35% Income Income so $725 $2,946 $7,138 $14,888 $32,363 so $1,450 $5,892 $11,892 $18,121 $32,363 Payroll Tax information 5% $125.00 $1,500.00 Medicare Rate 1.45% Social Security Rate 4.2% Paycheck Summar Income Tax Information Allowance Deduction State Tax Rate $0.00 $0.00 $0.00 $0.00 $146 Gross Pay Total Deductions Adjusted Income Total Taxes 5% Paycheck Calculator You work in the human resources department of your company helping new employees complete the necessary paperwork to get their first paycheck. There are a number of decisions that employees must make when they complete this paperwork including: (1) which health insurance package to buy (this impacts how much money will be deducted each pay period to pay for the premium), (2) how much money to put in a flexible spending account annually to cover medical and childcare expenses, and (3) the percentage of their regular paychecks to invest in the company's 401k retirement savings plan. The expenses paid for these three items are not subject to Federal or State income taxes. Each new employee must also complete a W4 form where they claim their marital status and number of allowances for deductions for tax purposes. Often these employees will ask you to project their first paycheck so that they know how much money to plan on for their personal budget. You have decided to create a spreadsheet model that will make these projections given the information the new employee provides on their paperwork Net Pay $0.00 Paycheck Calculations Income Hours Worked Pay Rate Regular Pay Overtime Pay Total Gross Pay Deductions (ltems not subject to income tax) Insurance Flexible Spending Retirement Total Deductions Adjusted Income Taxes Federal Income Tax Rate Federal Income Tax Adjustment for Allowances Net Federal Income Tax State Income Tax Medicare Tax Social Security Tax Total Taxes