Excel 2007 : Taxable Benefit Pay

Hello Everyone,

Need your help in setting up this formula. But Before doing so just a bit of info.

Semimonthly Payroll: 24 (CELL E7)

RRSP Contributions: 2% (CELL E10)
The maximum contribution that the company will make is 2% of the employee’s gross income up to a max contribution of $1,000

John Doe Salary: $60,000

Original Formula

60,000 x 2% = 1,200 <<<I want formula to convert it to a max contribution of 1,000

Final formula should read like this:
60,000x2%/24= 41.66

Thank you for advising how best I can display this formula.

Antonio

Maybe this:

=MIN(1000,60000*.02)/24

Thank you ...I went blank yesterday and could not think.

Happens to me a lot.