Help with a formula

[Tia]

I'm putting together a worksheet for payroll purposes. I need a formula
that calculates FUTA based on the following. Cap out at $7000. I thought I
had a formula that worked right, but now that it has to refer to YTD payroll
it isn't working properly.

G4 is the YTD Payroll Total
F4 is the payroll before tax free deductions
E4 is the payroll after tax free deductions

=IF(G4<7000,F4,IF(G4-F4>7000,0,(F4(F4-7000))))*0.008

The formula should look at YTD Payroll amount if less than 7000, multiply F4
by 0.008, which it appears to do. However, if YTD payroll is more than 7000,
then it should only multiply the difference from the last payroll to 7000,
then multiply by 0.008. I'm obviously missing some important part of this
formula but after walking through it many times, I'm still not seeing it....

Thanks for any and all help!

 

[Bernard Liengme]

This part "However, if YTD payroll is more than 7000, then it should only
multiply the difference from the last payroll to 7000,
then multiply by 0.008. " is unclear.
Also why did you mention E4 - it is not used in formula

Try this =IF(G4<7000,F4,(F4-7000))*0.008 and tell me what is wrong
Note I put the 0.008 outside the IF since it is common to both parts

Maybe two or thee example values and results would help us.
best wishes

 

[Tia]

Let me see if I can be more clear.

FUTA is calculated on YTD income up to $7000.00. Once an employee's income
is greater than $7000.00, they owe $0 FUTA. My formula works until an
employee makes over $7000.00. I think the problem is that they owe FUTA on
all income up to $7000.00 so if for example I have the following employee:
YTD Payroll Payroll for Period FUTA
01/01/08 6450.00 6450.00 51.60 =
(6450.00) 0.008
01/15/08 12000.00 5550.00 4.40 =
(7000-6450)0.008
02/01/08 18000.00 6000.00 0.00
(0) 0.008

The problem with the formula you suggested, it doesn't appear to take into
account once the employee has made more than $7,000.00, so I think I would
need another IF statement????

I've repasted the formula that I've been trying to use.
G4 is the YTD Payroll Total