In a payroll register how do you put in a bonus
Added by Janice C.
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Step 1: Identify the employee who is receiving the bonus and locate their payroll record in the payroll register. Show more…
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On the Payroll worksheet, based on the data in cell ranges A5:A13 and K5:K13, add a 3-D Clustered Column. Under chart styles, set the chart to Style 3. Change the vertical axis to start at a Minimum bound of 0.01 - for 1%. Change the decimal places of the vertical axis numbers to 0. Change the title to read Final % Increase Comparison. Move and resize the chart so the upper-left corner is in cell F15 and the lower-right corner is in cell L26. Set the chart title to 11 pt font. If necessary, set the vertical and horizontal axis labels to 9 pt font. In cell B22, to determine the number of employees earning the "High" raise, you will count cell range F6:F13 if they meet the criteria in cell A22. Copy the formula through cell B24 to determine the number of employees earning the Standard and Low raises.
Akash M.
The names of the employees of Cox Security Systems and their regular salaries are shown in the following payroll register. Note that Hall and Short are paid monthly on the last payday, while all others are paid weekly. In addition to the regular salaries, the company pays an annual bonus based on the amount of earnings for the year. For the current year, the bonus amounts to 8% of the annual salary paid to each employee. The bonus is to be paid along with the regular salaries on December 27, 20--, but the amount of the bonus and the amount of the regular salary will be shown separately on each employee's earnings statement. Assume that all employees received their regular salary during the entire year. Prepare the payroll for the pay period ending December 27, 20--, showing the following for each employee: Use the wage-bracket method to withhold federal income tax from the regular salaries. Withhold a flat 22% on the annual bonus. Total salaries and bonuses are subject to a 2% state income tax and a 1% city income tax. Enter all amounts as positive numbers. And round all values to the nearest cent. As we go to press, the federal income tax rates for 2023 are being determined by budget talks in Washington, and are not available for publication. For this edition, the 2022 federal income tax tables for Manual Systems with Forms W-4 from 2020 or Later with Standard Withholding and 2022 FICA rates have been used. Click here to access the Wage-Bracket Method Tables. For Period Ending December 27, 20-- Employee Name No. of Earnings Deductions Filing W/H (a) (b) (c) FICA (d) (e) (f) (g) Status Allowances Regular Supp'l. Total OASDI HI FIT SIT CIT Net Pay Hall, Michael MFJ N/A $3,500.00* Short, Joy T. MFJ N/A 2,750.00* Abbott, Linda S N/A 520.00 Smith, Joseph MFJ N/A 465.00 Tols, Sean M. MFJ N/A 380.00 Gillespie, Michelle S N/A 350.00 Smart, Jennifer MFJ N/A 575.00 White, Matthew J. S N/A 425.00 Totals *Monthly Compute the employer's FICA taxes for the pay period ending December 27, 20--. OASDI Taxes HI Taxes OASDI taxable earnings HI taxable earnings OASDI taxes HI taxes
Start Excel. Download and open the file "Excel BU02 Assessment 2 Raises xIsx". Grader will automatically add your last name to the beginning of the filename. Save the workbook to the location where you are storing your data files. On the Payroll worksheet, there is an analysis for raises you need to finish. First, you need to get all the applicable data for making the raise determination on this worksheet. Add the following: - In cell F1, enter a formula to always return the current date. - In cell range E6:E13, add a DATEDIF function that will calculate the years employed based on today's date in cell F1 and the HireDate in column B. Remember you are looking for years and not days. - In cells F6:F13, you will determine the raise recommendation for each employee based on an Evaluations named range from the Evaluations worksheet. - In cell F6, add a VLOOKUP function that returns the raise recommendation of High, Standard, or Low for each employee by exactly matching the Name in column A to the Evaluations named range, column 10. Be sure to use exact match criteria. Copy the formula through F13. - Create a named range for the Standard Raise table in cell range A16:B19. Assign the name "Raise". - In cells G6, add a VLOOKUP function that returns the starting raise percentage based on the named range "Raise" and the number of years employed in column E. Copy the formula through G13. - Next, you need to begin determining the employee's final raise. In cell H6, create an IF function that will award anyone with a Raise Recommend of "High" in cell F6 the extra bonus listed in cell F2. All other employees get zero bonus. Copy the formula through cell H13. In cell I6, create an IF function that will give anyone with a Raise Recommend of "Low" in cell F6 a deduction listed in cell F3. All other employees get zero deduction. Copy the formula through cell I13. - On the Payroll worksheet, in cell K6, add a calculation that returns the Final % Increase by dividing the Raise Amt by the Salary. Copy the formula through cell K13. In cell L6, add a calculation that returns the New Salary by adding the Salary and Raise Amt. Copy the formula through cell L13.
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