Since I do not understand this formula,I am asking for help. The payroll software has this formula:
min((d(401K STR)/2),(grosspay*.02))
What does the "min((d(" mean?
I can figure out the "401K STR" - that's the traditional contribution by the employee
I know the "grosspay" is multiplied by the 2%
I am guessing I have to set up six formulas unless someone know how to combine the following. ??
If employee contributes 1% of gross pay then the employer match is 1%
If employee contributes 2% of gross pay then the employer match is 1.5%
If employee contributes 3% of gross pay then the employer match is 2%
If employee contributes 4% of gross pay then the employer match is 2.5%
If employee contributes 5% of gross pay then the employer match is 3%
If employee contributes 6% of gross pay then the employer match is 3.5%
And all above % are limited to 3.5%
Thank you for taking the time to read this. I am over my head for this and appreciate anyone who is knowledgeable to help me.
GowerGirl
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