17 Aug Excel Chapter 2
| Metropolitan Zoo | ||||||||||
| Gift Shop Department | ||||||||||
| Name | No. of Dependents | Hourly Wage | Hours Worked | Regular Pay | Overtime Pay | Gross Pay | Taxable Pay | Federal Withholding 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 | ||||||||||
| Assumptions | Taxable Pay | Tax Rate | Summary 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 | ||||||||||
| 1. The base workweek is 40 hours. Regular pay is based on hourly wage and hours worked up to 40. | ||||||||||
| 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. | ||||||||||
| 4. 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. | ||||||||||
| 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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