social security tax

swartthydog · Apr 24th, 2002, 07:51 AM

I need to write a monthly formula for calculating monthly social security taxes. The formula would be if the sum of the year to date monthly income is less than or equal to 84,900 then take that monthly # times .0765. If the total is greater than or equal to 84,900 then enter a 0. But in a particular month when it exceeds the 84,900 it will take the difference and calculate on ly the difference times the .0765

[ This Message was edited by: swartthydog on 2002-04-24 06:53 ]

IML · Apr 24th, 2002, 09:25 AM

assuming your first period is listed in A1, second in A2, etc, use this formula on in say, cell B1 and copy down..

=MAX(MIN(A1,A1-(SUM($A$1:A1)-84900))*0.0765,0)

good luck

Tim Francis-Wright · Apr 24th, 2002, 09:56 AM

Don't forget that social security taxes are 6.2% up to the social security wage base
(it's $84,900 this year, but it changes every year). The 1.45% medicare tax is not
limited by income. Therefore, I would propose revising IML's formula...

If the wage base is in D1, then

=MAX(MIN(A1,A1-(SUM($A$1:A1)-$D$1))*0.062+A1*0.0145,0)

Apr 24th, 2002, 09:56 AM	#3
Tim Francis-Wright Board Regular Join Date: Feb 2002 Posts: 74	Don't forget that social security taxes are 6.2% up to the social security wage base (it's $84,900 this year, but it changes every year). The 1.45% medicare tax is not limited by income. Therefore, I would propose revising IML's formula... If the wage base is in D1, then =MAX(MIN(A1,A1-(SUM($A$1:A1)-$D$1))0.062+A10.0145,0) __________________ "Interfere? Of course we should interfere! Always do what you're best at, that's what I say!" -- The Doctor, Nightmare of Eden

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Apr 24th, 2002, 07:51 AM	#1
swartthydog New Member Join Date: Apr 2002 Posts: 4	I need to write a monthly formula for calculating monthly social security taxes. The formula would be if the sum of the year to date monthly income is less than or equal to 84,900 then take that monthly # times .0765. If the total is greater than or equal to 84,900 then enter a 0. But in a particular month when it exceeds the 84,900 it will take the difference and calculate on ly the difference times the .0765 [ This Message was edited by: swartthydog on 2002-04-24 06:53 ]

Apr 24th, 2002, 09:25 AM	#2
IML MrExcel MVP Join Date: Feb 2002 Location: Denver, CO Posts: 1,744	assuming your first period is listed in A1, second in A2, etc, use this formula on in say, cell B1 and copy down.. =MAX(MIN(A1,A1-(SUM($A$1:A1)-84900))*0.0765,0) good luck