for this assignment follow the instructions:
Excel Project: Payroll Deductions
Create a spreadsheet that figures out the payroll deductions of your workers.
The table below list the hours that each of the employees worked and the pay rate (their hourly wage). To calculate their Gross Pay, multiply the hours worked by the pay rate. All of the payroll deductions will be based on their Gross Pay. Simply multiply their Gross Pay by the various tax rate. For Medicare, the rate is 1.45%. For Social Security, the rate is 6.2%. Federal and state income tax rates will vary by person (based on their filing status, number of dependents, etc.) For simplicityâ€™s sake, Iâ€™ve listed tax rates you can use for each person.
You will create a table that shows the Gross Pay, Fed Tax Withholding, State Tax Withholding, Medicare and Social Security Withholding, and Net Pay. To find Net Pay, you subtract all of the Withholdings from the Gross Pay.
Medicare and Social Security are matched by the Employer. . . you! So, whatever your employees pay, you pay as well. You can Autosum the subtotals for each category, and for Medicare and Social Security, you can have the Matching cell equal the Subtotal cell. For the other categories, you will withhold the money from their paycheck, but donâ€™t need to match
Finally, total it all out in the cell to the right of “total”! How much will this week cost you?
Fed Tax Rate
State Tax Rate
Gross Pay ($)
Fed Tax ($)
State Tax ($)
Social Security ($)
Net Pay ($)
Lastly, copy the sheet that you made and sort the table by Gross Pay.