Chapter 2 Spreadsheet Formulas Flashcards
1
Q
What’s the formula to find the regular hourly pay?
A
=if(total hours<40,total hoursrate of pay,rate of pay40)
2
Q
What’s the formula to find the overtime pay?
A
=if(total hours>40,(total hours-40)(rate of pay1.5),0)
3
Q
What’s the formula to find the total gross pay?
A
=regular hourly pay+overtimepay
4
Q
What’s the formula to find the state income tax?
A
=total gross pay*state income tax percent given
5
Q
What’s the formula to find the FICA tax?
A
=total gross pay*FICA tax percent given
6
Q
What’s the formula to find the net pay?
A
=total gross pay-(health insurance+savings bonds+union dues+FIT+state income tax+FICA)
7
Q
What is the standard Social Security tax rate withheld?
A
6.2%
8
Q
What is the standard Medicare tax rate withheld?
A
1.45%
