Medical Groups Are Common In The Health Care Industry

Question

Problemmedical Groups Are Common In The Health Care Industry And Range Perform the following tasks: Set the Freeze Panes command on the Payroll Details worksheet so that Rows 1 and 2 and Columns A and B are locked in place while scrolling through the worksheet. Enter an IF function in cell G3 on the Payroll Details worksheet to calculate the Social Security tax. Social Security funds are used by the government to provide income for retired, beneficiaries, or disabled individuals. An employer must withhold 4.2% of an employee’s weekly pay for Social Security, up to a maximum salary of $100,000. The logical test of the IF function should assess if the value in the Pay Year to Date column is greater than or equal to 100,000. If true, the output should be zero; otherwise, multiply the Gross Pay This Week by 4.2%. Copy the function into G4:G22. Enter a formula in cell H3 to calculate Medicare Tax: multiply Gross Pay This Week by 1.45%. Copy into H4:H22. Enter an IF function in I3 to calculate total FICA tax, summing Social Security and Medicare taxes. Copy into I4:I22. Enter an IF function in J3: if Gross Pay This Week is less than or equal to 1,150, multiply by 20%; otherwise, multiply by 25%. Copy into J4:J22. Calculate company’s 401(k) contributions in L3: if Years of Service ≥ 1, multiply the 401K Retirement value by 50%; otherwise, zero. Copy into L4:L22. Calculate additional retirement benefit in M3: if employee is a physician and has ≥ 3 years, multiply Gross Pay This Week by 8%; otherwise, if ≥ 3 years and not a physician, multiply by 5%. Copy into M4:M22. Calculate total retirement benefits in N3: sum of 401K Company Match and Retirement Benefit. Copy into N4:N22. Calculate Net Payment in O3: subtract total deductions (I3:K3: total FICA, Federal Tax, 401K) from Gross Pay This Week. Copy into O4:O22. In the Payroll Summary worksheet, use COUNTIF to count employees per practice in B3:B7, based on Practice in A3:A22. Use AVERAGEIF to compute average Years of Servic

Dr. Jack HW Helper · Accepted Answer

Introduction This paper provides a comprehensive overview of payroll management within a medical group, elucidating the various calculations related to employee compensation and benefits, and illustrating how these calculations inform overall financial analysis and planning for healthcare practices. Setting the Foundation: Freezing Panes Initially, the worksheet is configured to enhance usability by freezing Rows 1 and 2 alongside Columns A and B. This setup ensures that the headers and critical identifiers remain visible during scrolling, facilitating efficient data management and review. Calculating Social Security Tax The calculation of Social Security tax is pivotal in payroll processing. An IF function in cell G3 examines if the cumulative pay in the Pay Year to Date exceeds $100,000. If it does, the tax is capped at zero for further contributions beyond this threshold; otherwise, it calculates 4.2% of the current week's gross pay. Copying this formula through G4:G22 ensures consistent application across all employees. Medicare Tax Computation The Medicare tax, essential for funding elderly and health-related services, is computed simply by multiplying the weekly gross pay by 1.45%, with the formula replicated across the designated range to streamline the process. Aggregating FICA Taxes The total FICA tax combines Social Security and Medicare contributions—an addition performed via an SUM function in I3, extended through I4:I22 to encompass all employees, ensuring adherence to legal withholding requirements. Federal Tax Determination The federal tax calculation employs an IF logic assessing income level: a lesser or equal gross pay results in a 20% tax; otherwise, a 25% rate is applied. This tiered approach aligns with federal tax brackets, and copying the formula guarantees uniformity across employee records. Retirement Contributions and Benefits Retirement-related calculations include a company match, contingent on employee tenure—50% for employees with at le

Medical Groups Are Common In The Health Care Industry ✓ Solved

Problemmedical Groups Are Common In The Health Care Industry And Range

Sample Paper For Above instruction

Introduction

Setting the Foundation: Freezing Panes

Calculating Social Security Tax

Medicare Tax Computation

Aggregating FICA Taxes

Federal Tax Determination

Retirement Contributions and Benefits

Total Retirement Benefits and Net Payment

Summary Calculations for Management

Conclusion

References