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In this video tutorial by Steve from Excel Dashboard Templates, he demonstrates how to create a calculated field in a pivot table. He encourages viewers to visit his blog for tips and techniques on Excel. The tutorial begins with a sales data set from multiple salespeople. By selecting the pivot table, users can access contextual ribbons under "PivotTable Tools" and find the "Calculated Field" option under "Fields, Items & Sets." Steve illustrates how to name the new calculated field "Commission" and explains that it will calculate a 5% commission on sales. This feature will enhance the functionality of pivot tables and pivot charts.