Pension contribution
Hi, Im using MS Excel 2007 and nothing else. I have a (column C of each
individuals age) and a (column J of each individuals wage). How do I
calculate the contribution of each individual based on their age and salary?
Below are the criterias.
A) Age: 35 years and below
1) Wage: less than or equal to $50 *Contribution = $0
2) Wage: more than $50 but less than $500 * Contribution = 5% of the
difference between (the individuals wage and $50)
3) Wage: more than $500 * Contribution = 10% of the individuals wage up to
the first $500 + 10% of the individuals additional wage.
E.g. If the wage is $800, Contribution = 0.1*500 + 0.1*300($800-$500)
B) Age: (Above 35 years) to (50 years and below)
1) Wage: less than or equal to $50 *Contribution = $0
2) Wage: more than $50 but less than $500 * Contribution = 2% of the
difference between (the individuals wage and $50)
3) Wage: more than $500 * Contribution = 5% of the individuals wage up to
the first $500 + 5% of the individuals additional wage.
E.g. If the wage is $800, Contribution = 0.02*500 + 0.05*300($800-$500)
C) Age: Above 50 years
1) Wage: less than or equal to $50 *Contribution = $0
2) Wage: more than $50 but less than $500 * Contribution = 1% of the
difference between (the individuals wage and $50)
3) Wage: more than $500 * Contribution = 2% of the individuals wage up to
the first $500 + 2% of the individuals additional wage.
Please help me..Thank you so much
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