In this project, you will enter in the correct formulas or functions needed to find out the monthly gross income for a computer repair business.

In this project, you will enter in the correct formulas or functions needed to find out the monthly gross income for a computer repair business. To view these instructions while working in Excel, print these instructions or move back and forth between your browser and Excel.1.Follow this link: Computer Business. Save the file onto your computer. Then locate the Excel file (workbook) on your computer and open it. If you experience problems opening the file, then contact technical support at (877) 221-5800, option 2.2.The orange-colored cells on the worksheet indicate places where you will put in the formulas and functions.3.Calculate the total gross pay for each employee. Keep in mind that employees are paid time and a half for all overtime hours. Here is an example formula that demonstrates how you would make such a calculation: (regular hours * hourly rate) + (overtime hours * hourly rate * 1.5) = (b4*d4) + (b4*c4*1.5). These must be formulas and will be entered into the range E11–E14.4.In steps 5, 6, and 7 below, you must include an absolute reference cell in each formula. Imagine while you are completing these steps that there are 150 employees at the company.5.Calculate the total amount each employee must pay in federal taxes in the range F11–F14. These calculations must be completed using formulas. These formulas must contain an absolute reference to the cell holding the percentage amount. The percentage figure used in the formula is above the word federal in cell F9.6.Calculate the total amount each employee must pay in state taxes in the range G11–G14. These calculations must be completed using formulas. These formulas must contain an absolute reference to the cell holding the percentage amount. The percentage figure used in the formula is above the word state in cell G9.7.Calculate the total amount each employee must pay in social security taxes in the range H11–H14. These calculations must be completed using formulas. These formulas must contain an absolute reference to the cell holding the percentage amount. The percentage figure is above the word social in cell H9.8.Calculate the total net pay for each employee in the range I11–I14. These calculations must be completed using a formula.9.Calculate the totals for all of the employee hours and pay categories in the range B16–I16. These calculations must be completed using Sum functions.10.Format all of the cells that represent a dollar amount as currency with 2 decimal places.