Sportitude Pte Ltd is a fast-growing local sports retailer that offers a wide range of high-performance sporting apparel, footwear, and accessories. It also offers a wide selection of sportswear and sports gear across sports disciplines from running, fitness, swimming, boxing, basketball, badminton, and tennis. The company currently has a physical retail store located at the Kallang Wave Mall.
All staff members of the company are paid according to their basic monthly pay plus an incentive component based on their overall sales for the month. The performance incentive is computed based on an additional percentage of their basic pay if they were able to achieve the minimum amount of targeted overall sales amount indicated in the Performance Incentives table below. You are required to develop a worksheet to compute the monthly payroll of the staff members using MS Excel.
Staff Salary Table
Performance Incentive Table
- Add a new column to the Staff Salary Table to compute the Performance Incentive by using the “VLOOKUP” function in Excel to automate the search for the respective performance incentives based on the staff member’s overall sales performance for the month.
- Add two new columns to the Staff Salary Table. In the first new column, find the number of years each staff member has worked for the company based on the date he or she has joined the company. In the second new column, use the IF function in Excel to determine the long service bonus for each staff. Staff will be given a month-long service the bonus of $100 if he or she has worked for the company for more than 10 years.
- Add a new column to the Staff Salary Table to compute the Gross Salary for each staff including the performance incentive and long service bonus. Gross Salary is computed by adding the basic salary, monthly performance incentives, and the long service bonus.
- Add four new columns to the Staff Salary Table for calculating the Age of Staff, Employee’s CPF and Employer’s CPF contributions, and Net Salary. The Age of Staff can be computed by using the date of birth in relation to the current date using the ‘=Today()’ function in Excel. You will also need to calculate the Employee’s CPF and Employer’s CPF contributions based on the Gross Salary times the rates published by Singapore CPF Board.
Go to the Singapore CPF Board website to find out the most current employee’s and employer’s CPF contributions rates in relation to the person’s age. Compute the required employee’s and employer’s contributions by using the “VLOOKUP” function to dynamically determine the amount based on a table that shows the age and the respective CPF rates you found from the CPF Board website. The Net Salary can be computed by using the Gross Salary minus the Employee’s CPF contribution amount.