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Tax and Pension formulas

  1. #1
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    Tax and Pension formulas

    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!

  2. #2
    Forum Guru DonkeyOte's Avatar
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    Re: Tax and Pension formulas

    Your post does not comply with Rule 8 of our Forum RULES.

    Cross-posting is when you post the same question in other forums on the web.
    You'll find people are disinclined to respond to cross-posts because they may be wasting their time solving a problem that has been solved elsewhere.

    We prefer that you not cross-post at all, but if you do (and it's unlikely to go unnoticed), you MUST provide a link (copy the url from the address bar in your browser) to the cross-post.

    Expect cross-posts without a link to be closed a message will be posted by the moderator explaining why. We are here to help so help us help you!

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