Explore BrainMass

Payroll and Depreciation : Construction of an Excel Spreadsheet

The purpose of this project is to construct an Excel file that can be used as a time card and calculate an employee's payroll calculations.

1. Create a time card for your employee for one week of work that shows the date, time in and time out. Assume the employee will take a 1 hour lunch break daily. Ensure the employee works some overtime and weekend hours.

2. Compute the total regular hours, overtime hours and double time (Sundays) for the employee.

3. Assume the employee gets paid $15 per hour for regular hours, time and half for overtime hours (assume over 40 hours) and double time for Sundays.Compute the employees regular pay, overtime pay, double-time pay and gross pay.

4. The employee is married with 2 deductions and is paid weekly. Find the federal withholding taxes using the percentage method.

5. Calculate the total deductions for Social Security, Medicare, FUTA and SUTA taxes that the employer pays on the employee's behalf.

6. Be sure to use formulas whenever possible in your Excel spreadsheet so that for example the hourly rate could be modified and the entire spreadsheet would update all calculations.

Solution Preview

Ok. There are two excel files needed: one for Timecard, the other one is for ...