calculate the federal payroll tax for a Medical Group. The IRS publishes tables that provide details as
Question:
calculate the federal payroll tax for a Medical Group. The IRS publishes tables that provide details as to how federal taxes should be calculated and withheld for weekly payrolls.
The Excel workbook for this assignment contains two worksheets. The Payroll Details worksheet and The Withholding Table worksheet.
The Withholding Table worksheet contains part of an Excel worksheet that was published by the IRS. There are six levels of weekly income in Columns A and B of the worksheet. Columns C and D provide information for calculating the amount of federal tax that should be withheld. For example, if an employee's weekly salary is $200, you would use Row 3 to calculate the amount of federal tax that should be withheld. This means you would first subtract the value in cell C3 from the weekly salary, which is: 200 − 111.15 = 88.85. Then the result of 88.85 is multiplied by the percentage in cell D3, which is: 88.85 × .10 = 8.89. Therefore, the federal tax that should be withheld for an employee who is paid $200 a week is $8.89.
Your assignment is to complete the Federal Tax calculations in Column G and the Net Pay in Column H of the Payroll using IFS functions.
Once you have calculated the subtract from earnings amount, then use that calculation in your Payroll tax column G.
make totals for the Gross Pay, Weekly Pay, Payroll tax and Net Pay columns.
Hide Column F. Format cells appropriately and include a 3-line title.
Details worksheet. You are required to link your functions to the data in the Withholding Table worksheet such that if the tax rates change in the future (a very common occurrence), your federal tax calculations will automatically be updated.
this is the link to do: https://1drv.ms/x/s!AsSp01EJkyxrhEUpRn-u8SIvADyv?e=rr8lOZ
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill