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