R
rfhorn
I am trying to budget employer payroll tax expense by employee by month. I
have tried an if function and it does not work by month to month bases only
in total. Example of the data is as follows: I have an employee that makes
$72,000 per year or $6,000 per month. The FUTA taxes are .8% on the first
$7,000 of pay or $56. The first month the expense is $$48.00 ($6,000 * .08%).
the next month the expense is $8 ($1,000 *.08%). All subsequent months the
expense is zero since the maximum was reached by month two. The same type
calcualtion holds true for the SUI tax expense except the maximum wages is
$23,00 and the tax rate is 2.88%. It will take almost four months befroe the
maximum SUI tax expnse is reached. I thought I could set up an if function
that would calculate the monthly tax expnse but was unsuccessful. Any ideas
of what formula I should be using?
have tried an if function and it does not work by month to month bases only
in total. Example of the data is as follows: I have an employee that makes
$72,000 per year or $6,000 per month. The FUTA taxes are .8% on the first
$7,000 of pay or $56. The first month the expense is $$48.00 ($6,000 * .08%).
the next month the expense is $8 ($1,000 *.08%). All subsequent months the
expense is zero since the maximum was reached by month two. The same type
calcualtion holds true for the SUI tax expense except the maximum wages is
$23,00 and the tax rate is 2.88%. It will take almost four months befroe the
maximum SUI tax expnse is reached. I thought I could set up an if function
that would calculate the monthly tax expnse but was unsuccessful. Any ideas
of what formula I should be using?