payroll and commissions

      Consider the following scenario:
As supervisor for a retail company, you supervise six people in your location. You are responsible for their payroll and commissions each week. This task would normally take a couple of hours on paper, but you now have the expertise needed to automate the process by using formulas and functions in an Excel spreadsheet. 
Use the data provided to create a worksheet described below:
 
You must create a workbook with separate sheets for each week that would allow sales managers to compare sales figures and commissions from one week to the next. Each worksheet should calculate the payroll amount for each of your six employees. If sales are below $1,000, then the commission paid is 5% of the sales. If sales are between $1,000 and $3,999.99, the commission paid is 10% of the sales. If sales are $4,000 or higher, the sales person receives a 12.5% commission rate.
Sales people will be paid either their commission or hourly pay earned amount—whichever is higher. Hourly employees receive 150% of their hourly rate for any hours worked over 40 hours per week (time and a half for overtime worked).
Each worksheet should contain the following headings:
•	Employee 
•	Sales 
•	Hours Worked 
•	Hourly Pay 
•	Commission Earned 
•	Hourly Pay Earned 
•	Payroll Amount 
To complete this workbook, you must write specific formulas and functions. The Commission Earned, Hourly Pay Earned (for the two hourly employees), and Payroll Amount columns require you to use IF functions. Remember, the payroll amount for salespeople will be either the commission earned or hourly pay earned—whichever is greater. Do not calculate commission earned for hourly employees or overtime for sales employees (this is anyone who has a sales figure in the Sales column).
Remember to format your worksheets, rename and change color on the tabs, and submit your workbook to your instructor using the following naming convention: LastnameFirstnameIP5.xls.
Instructor's Comments:
  
Unit #4 IP
As a reminder:
1) Workbook must have separate worksheets for each week to calculate the payroll amount for each employee.
2) If sales are below $1,000, commission paid is 5% of the sales. If sales are between $1,000 and $3,999.99, commission paid is 10% of the sales. And if sales are $4,000 or higher, commission rate is 12.5%.
3) Sales people will be paid either a commission or a hourly pay earned amount—whichever is higher. And only hourly employees should receive 150% (time and a half) of their hourly rate for hours over 40 worked per week. Do not calculate commission earned for hourly employees or overtime for sales employees.
4) Specific formulas and functions or required in completing the payroll amounts.
5) Commission Earned, Hourly Pay Earned (only calculated for the two hourly employees), and Payroll Amount columns require use of IF function.
6) Name workbook with format of LastnameFirstnameIP4.xls
Each worksheet should contain the following headings:
Employee Sales    Hours Worked    Hourly Pay    Commission Earned    Hourly Pay Earned     Payroll Amount 
Fred       $5,500     30                   $10.00            $687.50                    $300.00                   $687.50 
Maddie      0           45                      12.50               --                               593.75                       593.75 
Also in calculating overtime pay you should:
1) in parenthesis calculate the regular hrs x regular pay
2) add the overtime pay by placing in a separate parenthesis
3) calculate the overtime pay by multiplying the OT hours X regular pay x 1.5
So for example: (A1*E1)+(B1*E1*1.5)
Wherein:
reghrs is in A1
reg pay in E1
overtime (OT) hrs in B1
1.5 multiplies the OT hours by 1.5 to calculate the OT pay for the OT hours
Also the IF the function should calculate the figure in cells outlined in assignment. The IF Function returns one value if a specified condition is true, and another if it is false. Also all required conditions should be in IF Statements.