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FICA formula in Excel

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    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.

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    Re: FICA formula in Excel

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

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    Re: FICA formula in Excel

    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.

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    Re: FICA formula in Excel

    Hello MrBig77 and Welcome to Excel Forum.
    To upload a spreadsheet click on the GO ADVANCED button below the Quick Reply window and then scroll down to Manage Attachments to open the upload window.
    That said I have a proposed solution that employs a helper row, labeled Cumulative, which could be hidden for aesthetic purposes.
    The formula that populates the helper row is: =SUM($B2:B2)
    The formula that populates the row with with Fica values is:
    Formula: copy to clipboard
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    Let us know if you have any questions.
    Attached Files Attached Files
    Consider taking the time to add to the reputation of everybody that has taken the time to respond to your query.

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    Re: FICA formula in Excel

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

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    Re: FICA formula in Excel

    If that takes care of your original question, please select Thread Tools from the menu link above and mark this thread as SOLVED. Thanks.
    Ali


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    Re: FICA formula in Excel

    You're Welcome and thank you for the feedback. As AliGW stated, please mark the thread as 'Solved'. I hope that you have a blessed day.

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    Re: FICA formula in Excel

    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.

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    Re: FICA formula in Excel

    Nice catch. The formula in post #4, which populates row 4, should read:
    Formula: copy to clipboard
    Please Login or Register  to view this content.

    By the way, for future reference, the firewall caught the formula because the less than sign was immediately followed by a alpha numeric character (or so I presume). If you leave a space there the formula should post.
    Let us know if you have any questions.

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