Need help on how to solve formula in excel, instructions included

Metropolitan Zoo Gift Shop Department Name No. of Dependents Abram Acosta Bordeaux Higinbotham Ianziti Jaussi Ling Munoz Riley Sabey Trujillo Weston Totals 2 1 3 1 1 1 3 2 3 2 1 2 $9.95 $9.55 $11.75 $11.75 $10.00 $9.55 $15.75 $12.25 $13.35 $10.00 $9.95 $11.75 Hours Worked $ 40 1.5 7.65% 50.00 Regular Pay Overtime Pay Gross Pay Taxable Pay Federal Withholding Tax FICA Net Pay # of Hours Gross Pay Net Pay Bin Hours # Employees 48 48 50 35 40 44 40 20 38 45 15 41 Taxable Pay Assumptions Base Work Hours Overtime rate FICA rate Deduct per Depend Hourly Wage $0 $250 $300 $450 $525 Tax Rate 15% 22% 25% 28% 31% Notes 1. The base workweek is 40 hours. Regular pay is based on hourly wage and hours worked up to 40. 2. Overtime pay is based on overtime hours, the hourly wage, and the overtime rate. 3. The gross pay is the total of the regular pay and overtime pay. 4. The taxable pay is the difference between the gross pay and the product of the number of dependents and deduction per dependent. 5. Federal withholding tax is calculated on the taxable pay based on the tax table. 6. FICA is calculated on the employee's gross pay. 7. The net pay is based on the gross pay, federal withholding tax, and FICA. Summary Statistics Average Highest Lowest 0-19 20-29 30-40 Over 40 Office 2013 - myitlab:grader - Instructions Excel Project EXP ECH02 H2 - Metropolitan Zoo Gift Shop Weekly Payroll 2.1 Project Description: As manager of the gift shop at the Metropolitan Zoo, you are responsible for managing the weekly payroll. Your assistant developed a partial worksheet, but you need to enter the formulas to calculate the regular pay, overtime pay, gross pay, taxable pay, withholding tax, FICA, and net pay. In addition, you want to total pay columns and calculate some basic statistics. As you construct formulas, make sure you use absolute and relative cell references correctly in formulas and avoid circular references. Instructions: For the purpose of grading the project you are required to perform the following tasks: Step 1 2 3 Points Possible Instructions Start Excel. Download and open the file named exploring_e02_grader_h2.xlsx. Read the business rules in the range A27:G34. Enter an IF function in cell E5 to calculate the regular pay based on a regular 40hour work week for the first employee. If the employee worked 40 hours or less, calculate the pay based on the hourly rate and number of actual hours worked. If an employee worked more than 40 hours, calculate the pay based on the hourly rate for only 40 hours. Use relative and absolute cell references appropriately. Do not enter the value 40 in the function. Refer to cell B21 that contains the value instead. Enter an IF function in cell F5 to calculate the overtime pay for the first employee. If an employee worked less than 40 hours, the overtime pay is 0. If an employee worked 40 or more hours, calculate the overtime pay on only the overtime hours based on 1.5 times the hourly pay rate. Use relative and absolute cell references appropriately. Do not enter the values 40 and 1.5 in the function. Refer to cells B21 and B22 that contain those values. 0.000 9.000 9.000 4 Create a formula in cell G5 to calculate the gross pay based on the regular and overtime pay for the first employee. 6.000 5 Create a formula in cell H5 to calculate the taxable pay. Multiply the number of dependents by the deduction per dependent (stored in cell B24), and then subtract that from the gross pay. Use relative and absolute cell references appropriately. 6.000 6 Use a VLOOKUP function in cell I5 to identify and calculate the federal withholding tax. The function looks up the employee's taxable pay, compares it to the table stored in the range D21:E25, and returns the appropriate tax rate from the second column of the lookup table. Then multiply the function results by the taxable pay. Use relative and absolute cell references appropriately. 10.000 7 Calculate FICA in cell J5 based on gross pay and the FICA rate (stored in cell B23). Use relative and absolute cell references appropriately. 6.000 8 Calculate the net pay in cell K5 by subtracting the taxes from the gross pay for the first employee. 6.000 Updated: 10/29/2014 1 Current_Instruction.docx Office 2013 - myitlab:grader - Instructions Step 9 Excel Project Points Possible Instructions Copy the formulas in the range E5:K5 to the range E6:K16. 6.000 10 Calculate the total regular pay, overtime pay, gross pay, taxable pay, withholding tax, FICA, and net pay in the respective cells within the range E17:K17. 8.000 11 Apply Accounting Number Format to the ranges C5:C16, E5:K5, and E17:K17. 6.000 12 Apply Comma Style to the monetary values for the range E6:K16. 4.000 13 Underline the last employee's monetary values, and then use the Format Cells dialog box to apply Double Accounting Underline for the totals. 6.000 14 Insert appropriate functions to calculate the average, highest, and lowest values in the Summary Statistics area (range I21:K23). 10.000 15 You want to determine the number (frequency) of employees who worked less than 20 hours, between 20 and 29 hours, between 30 and 40 hours, and over 40 hours. Cells J28:J31 list the ranges. You need to translate this range into correct values for the Bin column in cells I28:I30 and then enter the FREQUENCY function in the range K28:K31. The functions should identify one employee who worked between 0 and 19 hours and six employees who worked more than 40 hours. Use Help to learn about the FREQUENCY function, download the sample practice data to learn how to use the function, and then close the practice document. 3.000 16 Create a footer with the text Exploring Series on the left side, the sheet name code in the center, and the file name code on the right side. 5.000 17 Save the workbook. Close the workbook and then exit Excel. Submit the workbook as directed. 0.000 Total Points Updated: 10/29/2014 2 100.000 Current_Instruction.docx