Based on the regular and overtime pay, what is the total Social Security tax and Medicare tax you would have expected ABC COMPANY to pay as the employers payroll taxes?

Create a formula to calculate these expected tax payments separately for Social Security and Medicare taxes for each individual employee and then use the SUM function to create separate totals for the expected Social Security and Medicare tax payments. Assume (a) a maximum contribution threshold in 2015 of $118,500 for Social Security tax (6.2%), and (b) all employees file as single taxpayers and that the Medicare tax on wages up to and including $200,000 is 1.45% and 2.35% above $200,000.

Could someone help me with this?

I attempted the problem below, could you tell me if I did it right?

Thank you. Will THUMBS UP PLEASE!

A B D E F G H 2 Pay_Date Payroll_ID Emp_No Home_Div Work_Div First_Name Last_Name Job 3 1/2/2015 27310001 1 1 1 Antonio Torres 14H001 4 1/2/2015 27310001 1 1 1 Antonio 14H010 5 1/2/2015 27310001 1 1 1 Antonio Torres 145001 6 6 1/9/2015 27310003 1 1 1 Antonio Torres 14H001 1 | K L M Reg_Hrs OT_Hrs Reg_Pay OT_Pay Futa Suta 11 0 519.063 0 0.15 0 0 0 0 4.03 11 0 0 0 2.6 9 0 2026 03 0 1.39 N o Fica_Medc Work_Comp 12.82 39.7083195 0.8 0 0 1.16 0 0 0.8 4296 1549909888 072 Torres Social Security Tax Hourly 1,964,331.92 OT 15,297.03 limit 118,500 1,845,831.92 15,297.03 taxes paid 114,441.58 948.42 Medicare Hourly OT 1,964,331.92 15,297.03 200,000 200,000 2.35% 1.45% 46,161.80 221.81 161,773.60 TOTAL PAYROLL TAX w limit taxes paid Social Security Tax Hourly JOT =SUMK3:K4983) =SUM(L3:14983) 118500 10 =S7-T7 =S8-T8 =U7*0.062 =U8*0.062 Medicare Hourly JOT =SUM(K3:14983) =SUM(L3:14983) 200000 =T11 0.0235 0.0145 =S11*011 =S12*U12 =SUM(V7:V12) TOTAL PAYROLL TAX A B D E F G H 2 Pay_Date Payroll_ID Emp_No Home_Div Work_Div First_Name Last_Name Job 3 1/2/2015 27310001 1 1 1 Antonio Torres 14H001 4 1/2/2015 27310001 1 1 1 Antonio 14H010 5 1/2/2015 27310001 1 1 1 Antonio Torres 145001 6 6 1/9/2015 27310003 1 1 1 Antonio Torres 14H001 1 | K L M Reg_Hrs OT_Hrs Reg_Pay OT_Pay Futa Suta 11 0 519.063 0 0.15 0 0 0 0 4.03 11 0 0 0 2.6 9 0 2026 03 0 1.39 N o Fica_Medc Work_Comp 12.82 39.7083195 0.8 0 0 1.16 0 0 0.8 4296 1549909888 072 Torres Social Security Tax Hourly 1,964,331.92 OT 15,297.03 limit 118,500 1,845,831.92 15,297.03 taxes paid 114,441.58 948.42 Medicare Hourly OT 1,964,331.92 15,297.03 200,000 200,000 2.35% 1.45% 46,161.80 221.81 161,773.60 TOTAL PAYROLL TAX w limit taxes paid Social Security Tax Hourly JOT =SUMK3:K4983) =SUM(L3:14983) 118500 10 =S7-T7 =S8-T8 =U7*0.062 =U8*0.062 Medicare Hourly JOT =SUM(K3:14983) =SUM(L3:14983) 200000 =T11 0.0235 0.0145 =S11*011 =S12*U12 =SUM(V7:V12) TOTAL PAYROLL TAX