Formula to calculate monthly SS FICA tax with wage base limit

Hello,

I am trying to calculate the monthly SS FICA payroll tax for an employee with the current wage base limit of 113,700. (113,700*.062=7049.4)

I have the following formula: =IF(SUM($C$25:C25)<=113700,C25*6.2%,IF(SUM($C$25:C25)>113700,SUM(113700-(SUM($C$25:C25)-C25))*0.062))

where column C is the gross monthly salary of $12000 per month with the gross salary for January is in cell C25, February salary is in C26, and so forth.

The formula calculates the monthly tax up to the wage base, including the last partial tax payment in the month of October, but I am having trouble writing a formula for once the employee exceeds the wage base of 113,700 then no more tax is collected.

Any help is greatly appreciated.

MJM

Hello Richard,

Your formula worked perfectly!

Thank you very much!