Good afternoon,
I am currently trying create an formula to calculate our new tiered bonus structure. This new structure will be based on quarterly production totals, but will bonus monthly.
How it will work - if someone achieves $0-$50000 in production for the quarter their monthly production will bonus at 30%. If they achieve $50000.01-$75000 of total production for the quarter, their monthly production will bonus at 30% up to $50000 and 40% for any monthly production in excess of $50000. If they achieve $75000.01 or above of total production for the quarter, their monthly production will bonus at 30% up to $50000, 40% between $50000.01 - $75000, and 50% on any monthly production above $75000. This process will start over for the second quarter.
I think that SUMPRODUCT will work, I just don't know how to manipulate it to consider all the different variables in this new bonus structure.
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