1. Use IF Functions to calculate the regular pay and overtime pay based on a regular 40-hour work-week in cells E5 and F5. Pay overtime only for overtime hours. Calculate the gross pay in cell G5 based on the regular and overtime pay.
2. Create a formula in cell H5 to calculate taxable pay. Multiply the number of dependents by the deduction per dependent and subtract that from the gross pay.
3. Insert a VLOOKUP function in cell I5 to identify and calculate the federal withholding tax. Hint: With a taxable pay of $417.40, Abrams tax rate is 25% and the withholding tax is $104.35. The VLOOKUP function returns the applicable tax rate, which you must then multiply by the taxable pay.
4. Calculate FICA in cell J5 based on gross pay and the FICA rate, and calculate the net pay in cell K5.
5. Copy all formulas down their respective columns.
6. 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. (On a Mac, this step must be completed using the AutoSum feature on your ribbon--Home tab, Editing group)
7. Apply Accounting Number Format to the range C5:C16.
8. Insert appropriate functions to calculate the average, highest, and lowest values in the Summary Statistics area (the range I21:K23) of the worksheet. Format the # of hours calculations as Number Format with one decimal and the remaining calculations with Accounting Number Format.
9. Save and close the file. Exit Excel. Submit ExcelQuiz2_LastFirst in Canvas.