Calculating a tiered 401k Match

[JK]

Hello,

I need to create a formula that will calculate a tiered 401k match based
upon the amount being contributed.

The match formula is 100% on the first 3% of an employee's contribution, and
50% on the next 2% contributed.

The columns I have are 1) Salary, 2)Percent contributed.

Any and all help is greatly appreciated.

 

[JE McGimpsey]

One way:

A1: Salary
B1: % contributed
C1: =(MIN(B1,3%)/2 + MIN(B1,5%)/2) * A1

 

[JK]

Thanks JE,

But, when I input that formula it appears to simply give me 4% of the salary
regardless of the percentage column. Any thoughts? Thanks!

 

[JE McGimpsey]

Did you fill in your percentages in column B?

Here's my results:

A B C
1 100 0% 0.00
2 100 1% 1.00
3 100 2% 2.00
4 100 3% 3.00
5 100 3.2% 3.10
6 100 4% 3.50
7 100 5% 4.00
6 100 6% 4.00

 

[JK]

Thanks, I had the formatting wrong. This is great, I appreciate your help!