Nested if/and formulas in one cell to calculate bonus pay out

How about:

=G6*CHOOSE(MATCH(G21,G10:G16,-1),0.5,0,1,0,1.15,0,1.25)

You constructed your IF formula wrong, it should be:

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You tried to put four separate IF formulas in the same cell. For the first IF, when the condition evaluates to TRUE, you calculate G6*0.5 but for the FALSE you put 0 and close the parentheses thus closing the formula. You want the False result to cause a test for a second condition, etc. Each of the following IF's should be in the "Value-if-False" position of the previous IF:

IF(TEST 1 IS TRUE, THEN CHOICE 1, ELSEIF(TEST 2 IS TRUE, THEN CHOICE 2, ELSEIF(TEST 3 IS TRUE, THEN CHOICE 3, ELSEIF(TEST 4 IS TRUE, THEN CHOICE 4, ELSE DEFAULT))))

This is a * NESTED IF *, not four separate IF's.