4 A Hours Worked Pay Rate Marital Status # of Allowances Retirement Savings % He

Question

4 A Hours Worked Pay Rate Marital Status # of Allowances Retirement Savings % Health Insurance (every paycheck) Flexible Spending (Annual) Federal Tax Rate Tables regular hours in Pay Period of paychecks per year 8 $30.00 Married Single" Tax Rate"Married" Tax Rate Rate 10% 15% 25% 28% 33% 35% Income Income Rate $01056 $725 15% $2.946 25% $7,138 28% $14,888 33% 32,363 35% so $1,450 5,892 $11,892 18,121 32,363 Payroll Tax information Medicare Rate $125.00 $1,500.00 Social Security Rate 4.2% Income Tax Information Allowance Deduction State Tax Rate Paycheck Summary $2,625.00 $146 Gross Pay Total Deductions Adjusted income Total Taxes $2,311.06 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 Net Pay $2,311.06 Paycheck Calculations Hours Worked Pay Rate $30.00 Paycheck Pricing

Explanation / Answer

10.

Type the following formula in the cell C36 (federal income tax rate)

=VLOOKUP(C14,IF(OR(C5="Single",C5="single"),$H$7:$I$12,$K$7:$L$12),2)

[Note: Both 'Single' and 'single' in C5 will work and anything else than 'Single/ single' will be considered 'Married']

11.

Just need to write = C14*C36 in the cell C37

12.

Just need to write = C6*F12*C36 in the cell C38

13.

Type:

= MAX(C37-C38,0) in the cell C39

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