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Default Excel 2007 - not updating formulas

I am using Excel 2007 and just a couple days ago my spread sheets were
working fine. All of a sudden I go in to make adjustments for calculating my
payroll and the formulas won't update. For example I would copy last payrolls
data, and delete the hours information. It doesn't zero out the total column
and if I enter new data where the hours were, the formula doesn't
recalculate. Now this is in the compatibility mode. If I hit CTRL N formulas
still don't work, but if I open it brand new from the quick link in my
desktop I can format formulas, but I can't copy and paste. Can someone please
tell me what is going on and how to fix it?
 
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