excel project payroll deductions 1

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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 simplicity’s sake, I’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 don’t need to match

Finally, total it all out in the cell to the right of “total”! How much will this week cost you?

Name

Hrs

Pay Rate

Fed Tax Rate

State Tax Rate

Gross Pay ($)

Fed Tax ($)

State Tax ($)

Medicare ($)

Social Security ($)

Net Pay ($)

Tom

40

$15.00

8%

1.5%

Ralph

36

$22.50

11%

2%

Sarah

39

$31.25

13%

3.5%

Guy

25

$12.00

6%

0.75%

Brenda

40

$17.50

9%

1%

Terrel

35

$28.50

11%

2%

Juanita

37

$13.75

6%

0.5%

Valery

40

$10.00

4%

0%

Gesepie

40

$9.75

3%

0%

Subtotals

Matching

Total

Lastly, copy the sheet that you made and sort the table by Gross Pay.

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