I need help with making the formulas in this. I'll type the rest in the comment section.
Create a spreadsheet to calculate the your company's payroll or how much you pay each employee and the total you pay all employees.
You pay your employees every two weeks, and for the last two weeks, your employees worked the following hours:
Employee 1: 78
Employee 2: 75
Employee 3: 80
Employee 4: 45
Employee 5: 50
Employee 6: 80
Employee 7: 65
Employee 8: 60
Employee 9: 78
Employee 10: 75
Your spreadsheet should calculate:
Economics - Financial Markets
Stacey Warren - Expert brainly.com
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the total hours worked for each employee;
the gross pay for each employee (pay rate is $12.50 per hour);
the state income tax for each employee. Use 5.7%;
the Federal income tax for each employee. Use 15%;
Social Security for each employee. Use 3.5 %;
the net pay for each employee by subtracting the income tax and Social Security from the gross pay;
the total gross pay, total state income tax, total Federal income tax, total Social Security, and total net pay paid to all employees.
When you finish your spreadsheet, estimate your answers to check for accuracy. Make any necessary corrections. Use formatting techniques to make your spreadsheet easy to read. Save and print your spreadsheet.
Total hours are given that's simple.
Gross Pay is amount paid before taxes and is just \[Gross Pay = Wage * Hours = Total Hours *12.5\]
State income tax will just be \[State Income Tax = Gross Pay * Tax Rate = Gross Pay * .057\]
Federal Income Tax will be the same as State Income Tax but using the rate of .15 (15%) instead of 5.7%
Social Security is the Same as all the Other Taxes above but use 3.5% (.035) instead.
Net Pay is just simply \[Net Pay = Gross Pay - Social Security - Federal Tax - State Tax\]
Total Gross Pay, Total State, Federal and Social Security Tax, is just the sum of all the amounts respectively you calculated previously for each employee.