In the following exercise, you will create formula to compute only the federal using the Tax Rate Chart (absolute or mixed cell referencing necessary) and the IF Function to complete the payroll spreadsheet.

There are 2 different tax rates based on the taxable income.If the Taxable Income is more than 689, then the tax is a flat fee of $110.85 + 24% of the amount over 689, otherwise the taxrate is 14% of the taxable income. Please correct the formula in F12 to reflect the right total.Please format the new data.Your numbers must line up.

ZOOM + Withholding Rate per Hours Taxable Federal Employee Allowances Hour Worked Grass Pay Income Tax Amico, Kristin 1 18.50 45.00 878.75 788.75 Femandez, Marissa 16.00 32.50 520,00 520.00 Hall, Richard 18.50 40.00 740,00 560.00 James, Michael JONNO 16.50 32.50 536.25 356.25 Lindstrom, Ashley 18.00 48,00 936.00 936.00 Mi, Emily 14.25 427.50 247.50 Reed, Linda 19.00 52.00 1,102.00 832.00 Smith, Caroline 13.00 27.25 354.25 264.25 Totals 307.25 5,494.75 5,494.75 Tax Rates Social Security tax 6.45%% Medicare tax 1.55%% Federal tax under $689 14% Federal tax $6894 24% State tax (%% of federal withholding)