For regular hours you can use
=MIN(40/24,A1)

For overtime hours you can use
=MAX(A1-40/24,0)

Be sure to set the format of both like this
[h]:mm

"Susan" wrote:

I am having an issue with calculating the time for regular and overtime. I
want the results to be automated and every formula, if statement and min/max
statements I have tried are unsuccessful. Here is an example:
WEEKLY TOTAL
Total hours: 92:20
Regular hours: #NAME?
Overtime hours: