FICA formula in Excel

Hello All,

I am trying to calculate FICA taxes for my budget. I have a monthly salary of $20,000 in A1 and going across to A12 for a total of $240,000. I would like to calculate the monthly fica of 7.65% on the first $127,200 of wages and 1.45% on wages greater than the limit. Can someone please help me with the monthly FICA formula so it calculates correctly in the 7th month where I hit the cap limit and reduces it for the months after that. I will be calculating my fica in column C1 and going across. Many thanks.

Hi Mr Big,
upload a spreadsheet with an example of what you need.
Leigh

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 360,000

2,295 2,295 2,295 2,295 (16,924) 0 - - - - - -



FICA Cap <=127200 7.65%
> 127200 1.45%


Sorry I am not sure how to upload spreadsheet so I cut and pasted it. Not sure how the formatting will be.

Thank you very much, JeteMc. I really appreciate it!!

This formula was so helpful - thank you. However, want to note that the formula has a small error which affects the results for the month where the Soc. Security ceiling is hit., where a portion of salary is subject to social security and a portion is not. The .0765 and .0145 in the middle of the formula need to be flip/flopped. I tried to post the correct formula but this site did not allow it...So FYI, check the formula.