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Calculate the federal tax rate. The federal tax rate is a function of the adjusted income and the employee's marital status. Reference the tax tables in the model assumptions and the marital status in the employee information section to construct a formula (or a set of nested formulas) to calculate the tax rate. For example, a single employee with $15,000 in income would have a 33% marginal tax rate. (Calculation is being calculated and inputed in cell C36 for "Federal Income Tax Rate"

Calculate the federal tax rate. The federal tax rate is a function of the adjusted income and the employee's marital status. Reference the tax tables in the model assumptions and the marital status in the employee information section to construct a formula (or a set of nested formulas) to calculate the tax rate. For example, a single employee with $15,000 in income would have a 33% marginal tax rate. (Calculation is being calculated and inputed in cell C36 for "Federal Income Tax Rate"

Database System Concepts
Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
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Calculate the federal tax rate. The federal tax rate is a function of the adjusted income and the employee's marital status. Reference the tax tables in the model assumptions and the marital status in the employee information section to construct a formula (or a set of nested formulas) to calculate the tax rate. For example, a single employee with $15,000 in income would have a 33% marginal tax rate. (Calculation is being calculated and inputed in cell C36 for "Federal Income Tax Rate"

modelingBasics-WO-Kathryn_Logsdon • Saved - O Search (Alt+Q) AutoSave Kathryn Logsdon KL Off Assignn Assignment Tasks X Jare File Home Insert Page Layout Formulas Data Review View Help ED Paycheck Calculator Calculate the federal tax rate. The federal tax rate is a function of the adjusted income and Instruction Task Submit View the employee's marital status. Reference the tax tables in the model assumptions and the marital status in the employee information section to construct a formula (or set of nested formulas) to calculate the tax rate. For example, a single employee with $15,000 in income would have a 33% marginal tax rate. [7 points] Sheet Guide Report 10 Show Instructions Automatic Scoring fe You work in the human resources department of your company herpmg ewemp royeescomprete tre ECEJJary paperworn E16 are an A B D E F G H K M N P 1 2 Employee Information Model Assumptions Hours Worked Pay Rate Marital Status # of Allowances 3 85 $30.00 # regular hours in Pay Period # of paychecks per year 4 80 Federal Tax Rate Tables Married 26 "Single" Tax Rate "Married" Tax Rate 2 5% $125.00 $1,500.00 6 Income Rate Income Rate $0 $1,450 $5,892 7 Retirement Savings % Payroll Tax information $0 10% 10% Health Insurance (every paycheck) Medicare Rate Social Security Rate 8 1.45% $725 15% 15% Flexible Spending (Annual) $2,946 9 4.2% 25% 25% 10 $7,138 28% $11,892 28% 11 Paycheck Summary Income Tax Information $14,888 33% $18,121 33% $2,625.00 $313.94 Allowance Deduction Gross Pay Total Deductions 12 $146 $32,363 35% $32,363 35% 13 State Tax Rate 5% Adjusted Income Total Taxes 14 $2,311.06 $0.00 Paycheck Calculator 15 16 You work in the human resources department of your company helping new employees Net Pay $2,311.06 17 complete the necessary paperwork to get their first paycheck. There are a number of 18 decisions that employees must make when they complete this paperwork including: (1) Paycheck Calculations which health insurance package to buy (this impacts how much money will be deducted 19 20 Income each pay period to pay for the premium), (2) how much money to put in a flexible spending Hours Worked 85 account annually to cover medical and childcare expenses, and (3) the percentage of their regular paychecks to invest in the company's 401k retirement savings plan. The expenses 21 Pay Rate $30.00 22 Paycheck Pricing Ready * Accessibility: Investigate 100% 2:42 AM e Type here to search 30°F 3/25/2022 近
Transcribed Image Text:modelingBasics-WO-Kathryn_Logsdon • Saved - O Search (Alt+Q) AutoSave Kathryn Logsdon KL Off Assignn Assignment Tasks X Jare File Home Insert Page Layout Formulas Data Review View Help ED Paycheck Calculator Calculate the federal tax rate. The federal tax rate is a function of the adjusted income and Instruction Task Submit View the employee's marital status. Reference the tax tables in the model assumptions and the marital status in the employee information section to construct a formula (or set of nested formulas) to calculate the tax rate. For example, a single employee with $15,000 in income would have a 33% marginal tax rate. [7 points] Sheet Guide Report 10 Show Instructions Automatic Scoring fe You work in the human resources department of your company herpmg ewemp royeescomprete tre ECEJJary paperworn E16 are an A B D E F G H K M N P 1 2 Employee Information Model Assumptions Hours Worked Pay Rate Marital Status # of Allowances 3 85 $30.00 # regular hours in Pay Period # of paychecks per year 4 80 Federal Tax Rate Tables Married 26 "Single" Tax Rate "Married" Tax Rate 2 5% $125.00 $1,500.00 6 Income Rate Income Rate $0 $1,450 $5,892 7 Retirement Savings % Payroll Tax information $0 10% 10% Health Insurance (every paycheck) Medicare Rate Social Security Rate 8 1.45% $725 15% 15% Flexible Spending (Annual) $2,946 9 4.2% 25% 25% 10 $7,138 28% $11,892 28% 11 Paycheck Summary Income Tax Information $14,888 33% $18,121 33% $2,625.00 $313.94 Allowance Deduction Gross Pay Total Deductions 12 $146 $32,363 35% $32,363 35% 13 State Tax Rate 5% Adjusted Income Total Taxes 14 $2,311.06 $0.00 Paycheck Calculator 15 16 You work in the human resources department of your company helping new employees Net Pay $2,311.06 17 complete the necessary paperwork to get their first paycheck. There are a number of 18 decisions that employees must make when they complete this paperwork including: (1) Paycheck Calculations which health insurance package to buy (this impacts how much money will be deducted 19 20 Income each pay period to pay for the premium), (2) how much money to put in a flexible spending Hours Worked 85 account annually to cover medical and childcare expenses, and (3) the percentage of their regular paychecks to invest in the company's 401k retirement savings plan. The expenses 21 Pay Rate $30.00 22 Paycheck Pricing Ready * Accessibility: Investigate 100% 2:42 AM e Type here to search 30°F 3/25/2022 近
AutoSave modelingBasics-WO-Kathryn_Logsdon · Saved - P Search (Alt+Q) 困 Off Kathryn Logsdon KL Assignn Assignment Tasks X Jare File Home Insert Page Layout Formulas Data Review View Help ED Paycheck Calculator Calculate the federal tax rate. The federal tax rate is a function of the adjusted income and Instruction Task Submit View the employee's marital status. Reference the tax tables in the model assumptions and the marital status in the employee information section to construct a formula (or set of nested formulas) to calculate the tax rate. For example, a single employee with $15,000 in income would have a 33% marginal tax rate. [7 points] Sheet Guide Report 10 Show Instructions Automatic Scoring C36 fe A B D F G H K P 21 Hours Worked 85 account annually to cover medical and childcare expenses, and (3) the percentage of their Pay Rate Regular Pay overtime Pay $30.00 $2,400.00 $225.00 $2,625.00 22 regular paychecks to invest in the company's 401k retirement savings plan. The expenses 23 paid for these three items are not subject to Federal or State income taxes. Each new employee must also complete a W4 form where they claim their marital status and number of allowances for deductions for tax purposes. Often these employees will ask you to 24 25 Total Gross Pay 26 project their first paycheck so that they know how much money to plan on for their personal Deductions (Items not subject to income tax) $125.00 27 budget. You have decided to create a spreadsheet model that will make these projections 28 Insurance given the information the new employee provides on their paperwork. Flexible Spending Retirement Total Deductions $57.69 $131.25 29 30 31 $313.94 32 Adjusted Income $2,311.06 33 34 Таxes Federal Income Tax Rate 35 36 37 Federal Income Tax Adjustment for Allowances Net Federal Income Tax State Income Tax Medicare Tax Social Security Tax 38 39 40 41 42 Paycheck Pricing Ready * Accessibility: Investigate 曲 100% 2:43 AM e Type here to search 30°F 3/25/2022
Transcribed Image Text:AutoSave modelingBasics-WO-Kathryn_Logsdon · Saved - P Search (Alt+Q) 困 Off Kathryn Logsdon KL Assignn Assignment Tasks X Jare File Home Insert Page Layout Formulas Data Review View Help ED Paycheck Calculator Calculate the federal tax rate. The federal tax rate is a function of the adjusted income and Instruction Task Submit View the employee's marital status. Reference the tax tables in the model assumptions and the marital status in the employee information section to construct a formula (or set of nested formulas) to calculate the tax rate. For example, a single employee with $15,000 in income would have a 33% marginal tax rate. [7 points] Sheet Guide Report 10 Show Instructions Automatic Scoring C36 fe A B D F G H K P 21 Hours Worked 85 account annually to cover medical and childcare expenses, and (3) the percentage of their Pay Rate Regular Pay overtime Pay $30.00 $2,400.00 $225.00 $2,625.00 22 regular paychecks to invest in the company's 401k retirement savings plan. The expenses 23 paid for these three items are not subject to Federal or State income taxes. Each new employee must also complete a W4 form where they claim their marital status and number of allowances for deductions for tax purposes. Often these employees will ask you to 24 25 Total Gross Pay 26 project their first paycheck so that they know how much money to plan on for their personal Deductions (Items not subject to income tax) $125.00 27 budget. You have decided to create a spreadsheet model that will make these projections 28 Insurance given the information the new employee provides on their paperwork. Flexible Spending Retirement Total Deductions $57.69 $131.25 29 30 31 $313.94 32 Adjusted Income $2,311.06 33 34 Таxes Federal Income Tax Rate 35 36 37 Federal Income Tax Adjustment for Allowances Net Federal Income Tax State Income Tax Medicare Tax Social Security Tax 38 39 40 41 42 Paycheck Pricing Ready * Accessibility: Investigate 曲 100% 2:43 AM e Type here to search 30°F 3/25/2022
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