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In this video tutorial, the presenter explains how to modify or remove calculated fields in a pivot table, building on previous lessons. The tutorial highlights two calculated fields: the first calculates a 3% bonus on total sales, while the second offers a tiered bonus, providing 3% for sales over 100 units and zero otherwise. The presenter notes that cells in the worksheet cannot be directly referenced in calculated fields. To modify an existing calculated field, the user clicks on the Analyze tab, selects Fields, Items, and Sets, and then chooses Calculated Field. The existing field can then be selected for editing.