Excel Project EXP ECH02 H2 Metropolitan Zoo Gift Shop Weekly Payroll 2.1 complete solutions answers

Excel Project EXP ECH02 H2 Metropolitan Zoo Gift Shop Weekly Payroll 2.1 complete solutions correct answers key

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 calcu- late 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 con- struct formulas, make sure you use absolute and relative cell references correctly in formulas.

a.Open the e02m1Payroll workbook and save it as e02m1Payroll_LastFirst. b.Study the worksheet structure and read the business rules in the Notes section. c. Use IF functions to calculate the regular pay and overtime pay based on a regular 40-hour

workweek in cells E5 and F5. Pay overtime only for overtime hours. 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.

d. 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, Abram’s taxable pay is $417.40.

e.Use a VLOOKUP function in cell I5 to identify and calculate the federal withholding tax. With a taxable pay of $417.40, Abram’s 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 tax- able pay.

f.Calculate FICA in cell J5 based on gross pay and the FICA rate, and calculate the net pay in cell K5.

g.Copy all formulas down their respective columns. h.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. i.Apply Accounting Number Format to the range C5:C16. 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 last employee’s monetary values and use the Format Cells dialog box to apply Top and Double Bottom borders for the totals.

j.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.

k.Insert a new sheet named Overtime. List the number of overtime hours for the week. Calculate the yearly gross amount spent on overtime assuming the same number of overtime hours per week. Add another row with only half the overtime hours (using a formula). What is your con- clusion and recommendation on overtime? Format this worksheet.

l.Insert a footer with your name on the left side, the sheet name in the center, and the file name code on the right side of both worksheets.

m.Save and close the workbook. Based on your instructor’s directions, submit e02m1Payroll_LastFirst.