I've posted this before, but cannot seem to get this spreadsheet to work. I'll try to be as specific as I can.
Here's my dilema:
I work for a medical clinic and do physician payroll.* They are technically considered self employed and pay both the employee and employer portion of taxes.* I am responsible for calculating the employer portion of Medicare and FICA and taking that out of their check.* They also have a Pension amount that comes out as well.*
The stipulations are:
1. Medicare tax - 1.45% on Total W2 amount, no maximum
2. FICA tax - 6.2% on Total W2 amount, maximum of $6621.60
3. Pension
****a. 11.3% on the first $9,000 of W2
*** b. 17% on the rest of W2
*** c. the max for total pension is $41,137 (this is achieved if they make
****** over $245k per year)
Also, they get paid monthly and everything is calculated on a calendar year basis. The tricky part is that these amounts are percentages of the W2 cell.* And the W2 cell is reduced by these amounts.* So you kind of have to back into the numbers.
I've attached an example.* With my formulas in columns I:T, I come close, but the pension is wrong.* The correct figures are in D11:G11, I just need some help fixing these formulas.
I appreciate any help - this has been such a pain for so long!
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