View the step-by-step solution to:

Metropolitan Zoo Glft Shop Department No. of Hourly Hours Overtime Dependents Wage Worked Regular Pay Pay Gross Pay Taxable Pay . Net Pay Abram 2...

I have a couple questions that I do not understand on my computer homework.

  1. I have to use the VLOOKUP function in cell I5 to identify and calculate the federal withholding tax. How do I calculate the tax?
  2. I have to calculate a FICA in cell J5 based on gross pay and the FICA rate, and calculate the net pay in cell K5. How do I calculate this for Cell J5?

Screen Shot 2018-05-16 at 2.44.20 PM.png

Screen Shot 2018-05-16 at 2.44.20 PM.png

Metropolitan Zoo
Glft Shop Department No. of Hourly Hours Overtime
Dependents Wage Worked Regular Pay Pay Gross Pay Taxable Pay .. Net Pay
Abram 2 $9.95 48 1.5-
I\costa 1 $9.55 48
Bordeaux 3 $1 1.75 50
-liginbotham 1 $11.75 35
anziti 1 $10.00 40
Jaussi 1 $9.55 44
-ing 3 $15.75 40
vlunoz 2 $12.25 20
Riley 3 $13.35 38
Sabey 2 $10.00 45
Trujillo 1 $9.95 15
Neston 2 $11.75 41
Totals
Taxable Summary
‘ ssum ptions Pay Tax Rate Statistics it of Hours Gross Pay Net Pay
Base Work Hours 40 $0 15% Average
Dyertime rate 1.5 $250 22% Highest
=ICA rate 7.65% $300 25% Lowest
Deduct per Depend $ 50.00 $450 28%
$525 31% (rte 5. . The base workweek is 40 hours. Regular pay is based on hourly wage and hours worked up to 40. I
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.
1. 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.
5. FICA is calculated on the employee's gross pay.
7. The net pay is based on the gross pay. federal withholding tax. and FICA.

Top Answer

In order to calculate the tax rate, you will use the VLOOKUP function in the table with Taxable Pay and... View the full answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online