AutoSave C Home Insert Draw Page Layout Formulas G X Calibri (Body) 12 Paste B I...

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AutoSave C Home Insert Draw Page Layout Formulas G X Calibri (Body) 12 Paste B I U A C21 fx B Data Review View Automate MyEducator-Add-in.xlsx - Read-Only Tell me General $ % 9 0 .00 0 .00 Conditional Format Formatting as Table Styles Cell O M 1 Comments Share Insert me Delete Format Sort & Filter Find & Select Sensitivity Analyze Data Tasks A D E F G H | J K L M N O P 1 2 Employee Information Model Assumptions 3 Hours Worked 4 Pay Rate 85 $30.00 # regular hours in Pay Period 80 5 Marital Status Married # of paychecks per year 26 6 # of Allowances 2 Rate Federal Tax Rate Tables "Single" Tax Rate Income "Married" Tax Rate Income Rate 7 Retirement Savings % 5% 8 Health Insurance (every paycheck) $125.00 Payroll Tax information Medicare Rate $0 10% $0 10% 1.45% $725 15% $1,450 15% 9 Flexible Spending (Annual) $1,500.00 Social Security Rate 4.2% $2,945 25% $5,891 25% 10 11 Paycheck Summary Income Tax Information 12 Gross Pay $0.00 Allowance Deduction $146 $7,137 28% $14,887 33% $32,362 35% $11,891 28% $18,120 33% $32,362 35% 13 Total Deductions $0.00 State Tax Rate 5% 14 Adjusted Income $0.00 15 Total Taxes $0.00 16 17 Net Pay $0.00 18 19 Paycheck Calculations 20 Income 21 Hours Worked 22 Pay Rate 23 Regular Pay 24 Overtime Pay 25 Total Gross Pay 26 27 28 Deductions (Items not subject to income tax) Insurance 29 Flexible Spending 30 Retirement 31 Total Deductions 32 33 Adjusted Income 34 35 Taxes 36 Federal Income Tax Rate 37 Federal Income Tax 38 Adjustment for Allowances 39 Net Federal Income Tax 40 State Income Tax 41 Medicare Tax Ready Pricing Paycheck Accessibility: Investigate + MyEducator Tasks 1.11 ) Calculate the federal income tax. 1.12 The federal income tax is the adjusted income times the federal income tax rate calculated in cell C36). 2.5 Font Size Calculate the tax adjustment < for allowances. An employee will have less federal income tax withheld for every allowance that they claim. Allowances account for the number of dependents they will claim on their taxes and other factors that will ultimately reduce the amount of federal taxes they will pay. a. The adjustment for allowances is calculated as the product of the number of allowances (in the employee information section), the allowance deduction amount (in the model assumptions), and the employee Federal Income Tax rate (calculated in task 10). 2.5 1.13 Calculate the net federal income tax. The not federal income tax is the + 100% 0% AutoSave C Home Insert Draw Page Layout Formulas G X Calibri (Body) 12 Paste B I U A C21 fx B Data Review View Automate MyEducator-Add-in.xlsx - Read-Only Tell me General $ % 9 0 .00 0 .00 Conditional Format Formatting as Table Styles Cell O M 1 Comments Share Insert me Delete Format Sort & Filter Find & Select Sensitivity Analyze Data Tasks A D E F G H | J K L M N O P 1 2 Employee Information Model Assumptions 3 Hours Worked 4 Pay Rate 85 $30.00 # regular hours in Pay Period 80 5 Marital Status Married # of paychecks per year 26 6 # of Allowances 2 Rate Federal Tax Rate Tables "Single" Tax Rate Income "Married" Tax Rate Income Rate 7 Retirement Savings % 5% 8 Health Insurance (every paycheck) $125.00 Payroll Tax information Medicare Rate $0 10% $0 10% 1.45% $725 15% $1,450 15% 9 Flexible Spending (Annual) $1,500.00 Social Security Rate 4.2% $2,945 25% $5,891 25% 10 11 Paycheck Summary Income Tax Information 12 Gross Pay $0.00 Allowance Deduction $146 $7,137 28% $14,887 33% $32,362 35% $11,891 28% $18,120 33% $32,362 35% 13 Total Deductions $0.00 State Tax Rate 5% 14 Adjusted Income $0.00 15 Total Taxes $0.00 16 17 Net Pay $0.00 18 19 Paycheck Calculations 20 Income 21 Hours Worked 22 Pay Rate 23 Regular Pay 24 Overtime Pay 25 Total Gross Pay 26 27 28 Deductions (Items not subject to income tax) Insurance 29 Flexible Spending 30 Retirement 31 Total Deductions 32 33 Adjusted Income 34 35 Taxes 36 Federal Income Tax Rate 37 Federal Income Tax 38 Adjustment for Allowances 39 Net Federal Income Tax 40 State Income Tax 41 Medicare Tax Ready Pricing Paycheck Accessibility: Investigate + MyEducator Tasks 1.11 ) Calculate the federal income tax. 1.12 The federal income tax is the adjusted income times the federal income tax rate calculated in cell C36). 2.5 Font Size Calculate the tax adjustment < for allowances. An employee will have less federal income tax withheld for every allowance that they claim. Allowances account for the number of dependents they will claim on their taxes and other factors that will ultimately reduce the amount of federal taxes they will pay. a. The adjustment for allowances is calculated as the product of the number of allowances (in the employee information section), the allowance deduction amount (in the model assumptions), and the employee Federal Income Tax rate (calculated in task 10). 2.5 1.13 Calculate the net federal income tax. The not federal income tax is the + 100% 0%