Excel Busn Math 41: Payroll Deductions With Ceilings (FICA)

I am a small business and would like to get my employees payroll entered in
excel .
I need a template or formula that includes hours worked X hourly wage= gross
pay minus SS, Med care

Say, we're paying a guy 20,010 a month. I have to withhold FICA at 7.65% up to $120,000 of his gross salary. After he hits 120,000 the rate goes down to 1.45%


A B C D E F G
1 20,010 20,010 20,010 20,010 20,010 20010 20010 etc.....
2 fica formula??

This was my formula on A2,but it is not correct.

=iif(sum($a1:a1)=

Can someone please help my write a formula to compute fica tax.
The rule is: For the first 120,000 the rate is .0765.
over 120,000 the rate drops down to .0145.

Here's what I am working on: Jan is on Column B and so on


Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec



Cumulative 20050 40100 60150 80200 100250 120300 140350 160400 180450 200500 220550 240600



Current 20050 20050 20050 20050 20050 20050 20050 20050 20050 20050 20050 20050




















Fica Tax 1533.825 1533.825 1533.825 1533.825 1533.825 1515.225 290.725 290.725 290.725 290.725 290.725 290.725




IF(SUM($B3:B3)

Good afternoon,

First time poster and would appreciate some guidance on this topic.

I have to calculate the FICA tax liability for an institution. I have the salary information for all the employees. I need to figure this out on a monthly basis. The issue is that FICA is calculated using two separate rates. The first $106,800 is taxed at 7.65% and the remaining income is taxed at 1.45%. So just for illustration purpose, lets say the person makes $50,000 per month.

The first two months of income will be taxed at 7.65% but then in the third month, some of the income (up to $106,800 cumulatively) will be taxed at 7.65% and the remainder of the income in the third month (and going forward since they hit the $106,800 cap) will be taxed at 1.45%.

Is there a way to set up a formula for this? My issue, in this illustration, is that in the third month i can either tax it at one of the two rates and not a portion of the income at one rate and the other portion at the other rate.

Thanks!

I am trying to add more payroll stubs on my payroll calculator. I have 5
employees and it only gives me stubs for four of them. I need to be able to
add more with out having to set it up myself, as I don't know how.

how do you make tax deduction work for fedral and state

i have a cell with a header of "RMR" which means (recurring monitoring rate) in that column there are entries of $49.99, $48.99, $47.99, $46.99, $45.99, or $44.99. it all depends on what the sales reps charge their customers... its their choice. in another column i have "RMR Deductions" the standard rate the reps should charge is $49.99 and for every dollar they lower that there is a $25 deduction out of the reps check. so if they charge $44.99 then there is $125 deducted and if they charge $47.99 then there is $50 deducted out of the reps checks. what i need is a formula to set that up so that if they lower it a dollar then it will automatically calculate it in or if they lower the rmr 3 dollars it will calculate it in. i hope this makes sense to anybody and i appreciate the help as well.

I need to calculate the total number of minutes an employee is late per day, and then add that total for a weekly one.

I already have it setup so when i enter their in and out time it calculates how many hours they worked. I want to use the same in and out date ( i do not want to have to enter it again), enter the weekly schedule, and get the daily and then weekly totals.

My schedules are made in excel, so i am thinking i can just copy it over, and then use some sort of formula to calculate the total number of minutes late?

----------------------------------

Additionally i would like excel after calculating the weekly total pull from a time deduction table, and dock their hourly wage. ie. employee normally makes $5.00. employee was late a total of 30 min for the week. (time deduction table says to doc $0.50 an hour) so for that week the employee would only make $4.50 a week.

I have looked around, and can't find too much on how to do something like that. Feedback would be really appreciated.

Hello everyone, in my accounting class we are learning how to deduct taxes from the sample employees take-home pay. This is real tedious to do for every employee when you have to switch sheets all the time and figure out how much Federal and Provincial taxes to take off. I was wondering if anyone knows how to use a formula to find the correct value from the table on one of the sheets, and return it to where the deduction boxes are. To help better see this, below is a link to download the file I have. Thank you for your help in advance!

ftp://public@pubftp.myftp.biz/CH21.xls

My sales table has an Amount in USD field that contains debits and credits. I've created two additional queries: one for >0; one for