Social Security Annual Payroll Tax Formula
One method.
=IF(A194000,94000*0.0765,A1*0.0765)
Gord Dibben MS Excel MVP
On Sun, 18 Mar 2007 12:08:30 -0500, "Jen" wrote:
Hello-
I am in need of some help, which may be as simple as an IF function, but I
am currently in brain freeze mode because I am thinking about this one too
hard.
I am putting together a budget for a fictitious start-up company for class
and need to account for any social security taxes paid from an employer
perspective. The rate is 7.65%, however, I want this formula to take 7.65%
of UP TO 94,000. Anything over the 94,000 is no longer taxed. So an
employee that I have budgeted to make $120,000 for the year will only have
SS taxes paid up to $94,000 of that $120,000 amount ($94,000 x 7.65% =
$7,191).
How would I write this formula in excel? I have 750 employees and
approximately 25 make over the $94,000 limit.
Thanks in advance-
Jennifer
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