How to calculate fed tax
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rhyan66 11:03 AM 04-09-2007
I am trying to calculate the unemployment tax for each budgeted employee by month.
BigBas 11:28 AM 04-09-2007
It's hard to give a definitive answer without knowing how the cummulative total is recorded. Specifically, if you are doing a monthly calculation, how do you have it set up so that Excel knows what the employees total is?
One simple method using an IF statement would be:
I'm also not sure how you want to disburse the money. Will you separate the total due
over the course of 12 months? Or just pay 0.05125 of the current salary until the 8000 limit is reached?
rhyan66 11:38 AM 04-09-2007
First, thanks for the quick turn around. I am not familiar with this function and look forward to playing around with it (God I have become a real nerd!).
Basically, I have all of our employees listed on a separate worksheet which details their salaries. I have the months listed across the top and divided the salary by 12 to calc the gross amount. On the FUTA worksheet, I want to calc the monthly total up to the ceiling. So data will be laid out by month for the amount to be expensed in that month. Totaling all months will give me my YTD expense.
I hope that is not too convoluted.Source: www.excelforum.com