Question: You work for a local construction firm, "DeVry Engineering Group" and your supervisor wishes to test your knowledge and skills with Microsoft Excel and has instructed you to develop a spreadsheet to compute weekly payroll for "15" employees with the given assumptions:
• Each employee could have a standard hourly rate between $10.00 and $30.00 per hour.
• Each employee qualifies to earn overtime at a rate of 1.5 of his or her hourly rate for each and every hour greater than 40 hours.
• Each employee will encompass a standard 7.65% deduction for social security.
• Each employee will encompass a standard 14.00% deduction for Federal Taxes.
• Each employee will encompass a standard 5.33% deduction for State Taxes.
Describe how you will structure and format your worksheet, comprising titles, column headings, and formulas to compute payroll variables for each employee to find out "Net Pay" comprising and not limited to Total Hours, Gross Pay, Social Security Tax, Federal Withholding Tax, and Sate Withholding Tax. In addition, find out how you would extract overtime hours from a computed value of "Total Hours" using a conditional formula.
Additionally, your supervisor will require this weekly payroll report on a weekly basis and instructed you to keep the payroll history of all weeks within "1" workbook but has allowed you to decide if you would rather keep the payroll running on one worksheet or by assigning a new worksheet for each week. By using your knowledge learned in this class, descriptively describe whether you would keep all weekly payrolls in one worksheet or assigned to new worksheets by week. Defend your reasoning's on the approach your take based on what you have learned in this course.