Exp22_Excel_Ch02_ML1 - Katherine's Coffee Shop Weekly Payroll | Exp22 Excel Ch02 ML1 Katherine_Ch02

Exp22_Excel_Ch02_ML1 - Katherine's Coffee Shop Weekly Payroll | Exp22 Excel Ch02 ML1 Katherine_Ch02
#Exp22_Excel_Ch02_ML1 - Katherine's Coffee Shop Weekly Payroll
#Excel_Ch02_ML1 - Katherine's#Ch02_ML1 - Katherine's Coffee Shop Weekly Payroll#Excel_Ch02_ML1 - Katherine's Coffee#Exp22_Excel_Ch02_ML1 - Katherine's#Katherine's Coffee Shop Weekly Payroll#Exp22_Excel_Ch02
#Katherine's Coffee Shop Weekly Payroll.xlsx#Katherine's#Coffee Shop Weekly Payroll#Excel_Ch02_ML1 - Katherine's Coffee Shop#Coffee Shop Weekly Payroll.xlsx#coffee shop#Payroll#Payroll.xlsx
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project Description:
You have been hired as the new manager of Katherine’s Coffee shop. As part of your responsibilities, you will be calculating the weekly payroll. The previous manager developed a partial worksheet, but you will 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, calculate some basic statistics, and create an employee lookup section. As you construct formulas, make sure you use absolute, relative, and mixed cell references correctly in formulas
1 Start Excel. Download and open the file named Exp22_Excel_Ch02_ML1_Payroll.xlsx. Grader has automatically added your last name to the beginning of the filename. 0
2 Use IF functions to calculate the regular pay and overtime pay in columns E and F based on a regular 40-hour workweek. Be sure to use the appropriate absolute or mixed cell references. Pay overtime only for overtime hours. Note employees receive 1.5 their hourly wage for overtime hours worked. Calculate the gross pay in cell G5 based on the regular and overtime pay. Spencer’s regular pay is $440. With five overtime hours, Spencer’s overtime pay is $82.50. 20
3 Create a formula in cell H5 to calculate the taxable pay. Multiply the number of dependents by the deduction per dependent and subtract that from the gross pay. With two dependents, Spencer’s taxable pay is $422.50. 10
4 Insert a VLOOKUP function in cell I5 to identify and calculate the federal withholding tax. With a taxable pay of $422.50, Spencer’s tax rate is 25% and the withholding tax is $105.63. The VLOOKUP function returns the applicable tax rate, which you must then multiply by the taxable pay. 20
5 Calculate FICA in cell J5 based on gross pay and the FICA rate, and calculate the net pay in cell K5. Copy all formulas down their respective columns. Be sure to preserve the existing formatting

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