I am attempting to use an IF statement to determine the monthly FICA wages per employee. The ceiling is $118,500. I also want to consider the hire date in the formula. The following formula is not providing accurate results.

=IF((IF($I128<="3/31/16",$O128,0)*T$122+SUM($R128:S128))<=118500,IF($I128<="3/31/16",$O128,0)*T$122,0)I128 = Hire date

O128 = pay per workday

T122 = work days per month

R128:S128 = Jan and Feb FICA wagesThe goal is the use the formula to waterfall out the FICA wages over the months taking into account employees starting during the year as well.

What result are you getting? Are you trying to calculate the wages, or the 6.2 percent tax and for what length of time? I could be totally clueless (it's been known to happen,) but I'm not understanding exactly what is it you're trying to determine.

Perhaps you could provide examples of entries in the cells listed in your formula.

message edited by Jennifer SUMN

Ask Your Question

Weekly Poll

Did you buy anything on Amazon's Prime Day?

Discuss in The Lounge

Poll History