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Calculation for amt. Exceeding $106,800 for SS Income Limit
I’m trying to think of an easy way to work with the $106,800 cap on SS Income
and compare this to other types of taxes, such as FUTA Tax and Medicare Tax. I am working on a project to calculate taxes for consultants who make under $106,800 and I can easily roll these up into a PivotTable and subtract out all taxes to see the after-tax income to these people. The consultants that are pulling in more than $106,800 are kind of screwing up my calculations, because after $106,800 no additional taxes are subtracted for SS Income. This is probably an easy thing; just can’t seem to get my arms around it. Again, everything is rolling up in a PivotTable because these is an easy way to look at most consultants. However, there are some out there making more than $106,800 and this is screwing up my calculations because I’m subtracting too much and miscalculating the actual tax liability for the consulting agency that hires these people. I can easily sort the data in the PivotTable and kind of isolate this small group, but I just can’t seem to figure out how to handle the calculations for this group!! Ugh!! Maybe it is impossible to compare these disparate groups. Maybe it is easy, and I’m definitely not seeing the answer so far. Any ideas anyone? Thanks! Ryan--- -- Ryan--- If this information was helpful, please indicate this by clicking ''Yes''. |
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Calculation for amt. Exceeding $106,800 for SS Income Limit
Try using MIN(). Suppose you have your current formula returning the value..
'the below will cap the result at 106,800 =MIN(yourformula,106,800) -- Jacob (MVP - Excel) "ryguy7272" wrote: I’m trying to think of an easy way to work with the $106,800 cap on SS Income and compare this to other types of taxes, such as FUTA Tax and Medicare Tax. I am working on a project to calculate taxes for consultants who make under $106,800 and I can easily roll these up into a PivotTable and subtract out all taxes to see the after-tax income to these people. The consultants that are pulling in more than $106,800 are kind of screwing up my calculations, because after $106,800 no additional taxes are subtracted for SS Income. This is probably an easy thing; just can’t seem to get my arms around it. Again, everything is rolling up in a PivotTable because these is an easy way to look at most consultants. However, there are some out there making more than $106,800 and this is screwing up my calculations because I’m subtracting too much and miscalculating the actual tax liability for the consulting agency that hires these people. I can easily sort the data in the PivotTable and kind of isolate this small group, but I just can’t seem to figure out how to handle the calculations for this group!! Ugh!! Maybe it is impossible to compare these disparate groups. Maybe it is easy, and I’m definitely not seeing the answer so far. Any ideas anyone? Thanks! Ryan--- -- Ryan--- If this information was helpful, please indicate this by clicking ''Yes''. |
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