|What do the [ ] around Status, etc. do? That is a structure I'm not familiar with.|
In any case, if you read the Excel Help files for the IF function, you'll see that a Nested IF has a number of actual IF's nested together. Your formula does not.
I'm also confused by the last Years Employed choice
I assume the first three choices are "4 or more years", "at least 2 but less than 4" and "at least 1 but less than 2."
However, your last choice is ">1". The other 3 choices already cover anything greater than 1. Did you mean <1?
If so, then maybe this is what you are looking for. The formula is split across 2 lines to make it easier to read.
IF(AND(B1>=1,B1<2),$R$9,$R$10))),"Not Full Time")