Please answer this exercise in Excel attachment.Presentthese exercises and problems in Excel. Please calculate numbers in Excel formulas. Do not simply plug in the numbers, please use formulas to calculate all valuesin the spreadsheets.

Exercise 5

Exercise 5. The monthly wages For December, 2016 and the year-to-date earnings as of November 30 for the three employees of the Elegant Inc. are listed in the table below. Requirements: 2. Calculate the amount of FICA: Social Security Tax and Medicare Tax to be withheld from each of the employee's gross (December only). Apply a 6.2 percent as a social security tax rate using the annual limit of the contribution and benet base. For earnings in 2016, this base is '-118 500. Also a- -| a 1.45 -ercent as a Medicare tax rate. Employee December The year-to- Social Medicare Tax Salary date Security Tax (December, earnings up (December, 2016) to November Rod Cast $2,900 $ $ 3; Veronica 10,800 Ergo Ann Lola 9,650