Payroll Formula Excel Template

Prepared by Dheeraj Vaidya, CFA, FRM

dheeraj@wallstreetmojo.com

visit - www.wallstreetmojo.com
Calculate the Net amount payable to John, a factory worker, if his Gross pay is $350 per week and Total withholdings are $2
Particulars Amount
Gross Pay $350
Total Withholdings $280
Net Amount Payable to $70
Employee
and Total withholdings are $280.
Tony is employed in a grocery store in the U.S and gets a salary of $10.50 per hour. Calculate the total amount to be
deducted and withheld under the payroll formula. The health insurance rate is on a weekly basis
Particulars Rate Amount
Pay Rate $10.50 -
Hours 38 -
Social Security 8.50% $33.92
Medicare 3.60% $14.36
State Tax 9.50% $37.91
Federal Tax 19.80% $79.00
Health Insurance $110 $110
Gross Pay Per Week - $399
Total Withholdings - $275.19
Net Amount Payable to
$123.81
Employee
al amount to be
Alisha is hired by a California salon and gets a $13.50 an hour wage. Under the payroll formula,
determine the total sum to be deducted and withheld. The cost of health insurance is chargeable on
a weekly basis.
Particulars Rate Amount
Wage Rate $13.50 -
Work (in hours) 40 -
Social Security 8.50% $45.90
Medicare 3.60% $19.44
State Tax 9.50% $51.30
Federal Tax 19.80% $106.92
Health Insurance $110 $110
Gross Pay Per Week $540
Total Withholdings $333.56
Net Amount Payable to
$206.44
Employee