Exp19_Excel_Ch02_ML1_Metropolitan_Zoo_Gift_Shop_Weekly_Payroll

Excel Chapter 2 Mid-Level 1 – Metropolitan Zoo 

Exp19 Excel Ch02 ML1 Metropolitan Zoo Gift Shop Weekly Payroll

Project Description:

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 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 and calculate some basic statistics. As you construct formulas, make sure you use absolute and relative cell references correctly in formulas 

Start Excel. Download   and open the file named Exp19_Excel_Ch02_ML1_Payroll.xlsx.   Grader has automatically added your last name to the beginning of the   filename. 

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. In cell   G5, 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.

Create a formula in   cell H5 to calculate the taxable pay. Multiply the number of dependents   (column B) by the deduction per dependent (B24) and subtract that from the   gross pay. With two dependents, Abram’s taxable pay is $417.40.

Use a VLOOKUP   function in cell I5 to identify and calculate the federal withholding tax.   Use the tax rates from the range D21:E25. The VLOOKUP function returns the   applicable tax rate, which you must then multiply by the taxable pay.

Calculate FICA in   cell J5 based on gross pay and the FICA rate (cell B23), and calculate the   net pay in cell K5. Copy all formulas down their respective columns to row   16.

With the range E5:K16   selected, 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.
 

  Note, Mac users, with the range selected, on the Home tab, in the Editing   group, click AutoSum.

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. Apply the Total cell styles format to the   range E17:K17.

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.

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

Save and close the   workbook. Submit the file as directed.