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.2 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 $119.40.3. 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 $417.40.4. 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.5. 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 16.6. 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.7. 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:K17.8. 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.9. 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.10. Save and close the workbook. Submit the file as directed.For more information on Federal Withholding Tax check on:https://en.wikipedia.org/wiki/Tax_withholding
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