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Excel Instructions using Excel 2010: Enter the appropriate numbers/formulas in the shaded (gray) cells. An asterisk (*) will appear to the right of...

During 2011, the social security tax rate for employees was reduced by 2%. As we go to press, the reduction is set to expire. Although the reduction may be extended by congress before this text is published, for this edition the full rate (6.2%) was used. Compute the FICA taxes for each employee and the employer's FICA taxes.
Excel Instructions using Excel 2010: 1.  Enter the appropriate numbers/formulas in the shaded (gray) cells.  An asterisk (*) will appear to the right of an incorrect answer. 2.  A formula begins with an equals sign (=) and can consist of any of the following elements:       Operators such as + (for addition), - (for subtraction), * (for multiplication), and / (for division).       Cell references, including cell addresses such as B52, as well as named cells and ranges       Values and text       Worksheet functions (such as SUM) 3.  You can enter a formula into a cell manually (typing it in) or by pointing to the cells.      To enter a formula manually, follow these steps:            Move the cell pointer to the cell that you want to hold the formula.           Type an equals sign (=) to signal the fact that the cell contains a formula.           Type the formula, then press Enter. 17.65 x 1.5=26.475.  The template will display and hold 26.48, not 26.475. There is no need to use Excel's rounding function.          EXCEPTION: Continuing Payroll Problems A & B: CHAPTER 2              When calculating over-time rate for weekly salary,  round regular rate to TWO decimals BEFORE calculating overtime rate.              Rounding can be accomplished by using Number function (using arrows) on Excel Home menu or by entering the formula               =(Round(Weekly/40,2))*1.5  (where "Weekly" entered as either the weekly pay or cell reference.)                Failure to use the ROUND function will cause the OT rate to be incorrect. 5.  Remember to save your work.  When saving your workbook, Excel overwrites the previous copy of your file.   You can save your work at any time.  You can save the file to the current name, or you may want to keep multiple versions of your work by saving each successive version under a different name. To save under a different name, follow these steps: It is recommended that you save the file to a new name that identifies the file as yours, such as Excel_End_of_Chapter_Problems_2012_Your_Name.xlsx To save under a different name, follow these steps:        Select File, Save As to display the Save As Type drop-box, chose Excel Workbook (*.xlsx)        Select the folder in which to store the workbook.        Enter the new filename in the File name box.        Click Save. 4.   Rounding :  These templates have been formatted to round numbers to either the nearest whole number or the nearest cent.  For example, 
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Name: Enter the appropriate numbers/formulas in the shaded (gray) cells. An asterisk (*) will appear to the right of an incorrect answer. 3-1A Rite-Shop Employee No. Employee Name OASDI HI 711 Castro, Manny $493.28 512 Corrales, Pat 870.00 624 Guitar, Joseph 419.80 325 Moore, Connie 523.20 422 Morrison, Harry 1,100.00 210 Robertson, Catherine 950.00 111 Swarez, Joseph 489.75 Totals Employer's OASDI Total Taxable Employer's OASDI Wages Tax Employer's HI Tax Total Taxable Employer's HI Wages Tax Biweekly Taxable Wages
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Excel Instructions using Excel 2010:
1. Enter the appropriate numbers/formulas in the shaded (gray) cells. An asterisk (*) will appear to the right of an incorrect answer.
2. A formula begins with...

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