PracticeON_ExcelChapter2 by hedongchenchen

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									                                                             Metropolitan Zoo
                                                                 Gift Shop Department

                                                                                                                  Federal
                      No. of        Hourly    Hours              Overtime                                        Withholdin
        Name        Dependents      Wage      Worked Regular Pay   Pay            Gross Pay        Taxable Pay     g Tax        FICA      Net Pay
Abram                    2            $9.95     48
Acosta                   1            $9.55     48
Bordeaux                 3           $11.75     50
Higinbotham              1           $11.75     35
Ianziti                  1           $10.00     40
Jaussi                   1            $9.55     44
Ling                     3           $15.75     40
Munoz                    2           $12.25     20
Riley                    3           $13.35     38
Sabey                    2           $10.00     45
Trujillo                 1            $9.95     15
Weston                   2           $11.75     41
    Totals


                                              Taxable                                          Summary
Assumptions                                     Pay      Tax Rate                              Statistics        # of Hours Gross Pay     Net Pay
Base Work Hours                40                  $0      15%                                 Average
Overtime rate                 1.5                $250      22%                                 Highest
FICA rate                  7.65%                 $300      25%                                 Lowest
Deduct per Depend $        50.00                 $450      28%
                                                 $525      31%

Notes                                                                                                               Bin        Hours    # Employees
1. The base workweek is 40 hours. Regular pay is based on hourly wage and hours worked up to 40.                              0-19
2. Overtime pay is based on overtime hours, the hourly wage, and the overtime rate.                                           20-29
3. The gross pay is the total of the regular pay and overtime pay.                                                            30-40
4. The taxable pay is the difference between the gross pay                                                                    Over 40
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.

								
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