Time Reference Function Used- Detined Names Function Library E5 Overtime No. of Hourly Hours Dependents Wage Worked Regular Pay Pay Assignment Instructions Gross Pay Taxable Pay Name S9.95 48 S9.55 48 S11.7550 511.75 35 S10.00 40 S9.55 44 515.75 40 S12.25 20 S13.35 38 S10.00 45 5995 15 S11.75 41 5 Abram 6 Acosta Step Instructions 8 Higinbotham 9 lanzit 10 Jaussi 11 Ling 12 Munoz 13 Riley Open the downloaded file exploring e02 grader h2xlsx. Use IF functions to calculate the regular pay and overtime pay based on a regular 40-hour workweek in cells E5 and F5. Pay overtime only for overtime hours In cell G5, calculate the gross pay based on the regular and overtime pay. Abram's regular pay is $398. With 8 overtime hours, Abram's overtime pay is $119.40 2 15 Trujllo 17 Totals 19 Create a formula in cell H5 to calculate the taxable pay Multiply the number of dependents (column B) by the deduction per dependent (B24) and subtract that from the gross pay. With two dependents, Abram's taxable pay is $417 40 Taxable Summary StatisticS Average Highest Lowest 20 Assumptions 21 Base Work Hours 22 Overtime rate 23 FICA rate 24 Deduct per Depend 25 26 Pay Tax Rate 15% 22% 25% 28% 31% 40 so $250 5300 $450 $525 50.00 Use a VLOOKUP function in cell 15 to identify and calculate the federal withholding tax. Use the tax rates from the range D21 E25. The VLOOKUP function returns the applicable tax rate, which you must then multiolv bv the taxable oav Notes Payroll Data Ready Scroll Lock Close Time Reference Function Used- Detined Names Function Library E5 Overtime No. of Hourly Hours Dependents Wage Worked Regular Pay Pay Assignment Instructions Gross Pay Taxable Pay Name S9.95 48 S9.55 48 S11.7550 511.75 35 S10.00 40 S9.55 44 515.75 40 S12.25 20 S13.35 38 S10.00 45 5995 15 S11.75 41 5 Abram 6 Acosta Step Instructions 8 Higinbotham 9 lanzit 10 Jaussi 11 Ling 12 Munoz 13 Riley Open the downloaded file exploring e02 grader h2xlsx. Use IF functions to calculate the regular pay and overtime pay based on a regular 40-hour workweek in cells E5 and F5. Pay overtime only for overtime hours In cell G5, calculate the gross pay based on the regular and overtime pay. Abram's regular pay is $398. With 8 overtime hours, Abram's overtime pay is $119.40 2 15 Trujllo 17 Totals 19 Create a formula in cell H5 to calculate the taxable pay Multiply the number of dependents (column B) by the deduction per dependent (B24) and subtract that from the gross pay. With two dependents, Abram's taxable pay is $417 40 Taxable Summary StatisticS Average Highest Lowest 20 Assumptions 21 Base Work Hours 22 Overtime rate 23 FICA rate 24 Deduct per Depend 25 26 Pay Tax Rate 15% 22% 25% 28% 31% 40 so $250 5300 $450 $525 50.00 Use a VLOOKUP function in cell 15 to identify and calculate the federal withholding tax. Use the tax rates from the range D21 E25. The VLOOKUP function returns the applicable tax rate, which you must then multiolv bv the taxable oav Notes Payroll Data Ready Scroll Lock Close