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Need excel formula for 401k match of 50% up to 4% of

salary., so if contribution amount...
Need excel formula for 401k match of 50% up to 4% of salary., so if contribution amount changes, the total column of the match will not go above the 4% limit, Example if salary is 80,000 and contribution is 10% or $8000, the match total of $1600 will not go up if they change their contribution to 20% since it is already at the 4% cap. However if the cap has not been reached and they change the contribution % would like the match total to reflect the new total.
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Answered in 15 minutes by:
3/21/2018
Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,041
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you with this.

If we set up cells, A1: employee name, B1: employee contribution %, C1: Employee Salary, then in row 2, we have our first employee, the formula would be (C2*B2)*.5... that gives us the employee contribution and 50%.

So, then let's add an IF calculation to make it:

=if(C2*B2)*5<(C2*.04), (c2*b2)*.5, (C2 *.04). So, we're saying here, if 50% of the employee contribution is less than 4% of wages, then use 50% of employee contribution. If it's larger, then use 4% of salary.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Customer reply replied 1 month ago
Hi, Thank you for your response. However, the formula comes back with an error when I try with the =if...

Here you go. I fixed it for you. There was a space between C2 and *.04

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Customer reply replied 1 month ago
Sorry but that does not seem that it is correct. I have attached the spreadsheet again where under tab sheet 2 I had my original formula where it takes the contribution amount and if I were to change the % contribution the match also changes but it exceeds the 4% cap of salary.
I am looking for the formula to change with the contribution amounts, however not to exceed the 4%

You'll have to do it on a payroll basis. So on your sheet 2, I added dolumn D, which is pay periods. In the one I attached, he does 2% the first 5 pay periods and 10% the next 12.

If you go to column K, it calculates what the match should be during this pay period. You'll have to add a new row each time someone changes their contribution percentage. Column N is possible match they could have had to date. the total is the Total Actual Match to date.

See if that works for you. I just don't see a way to track it without separating out tiers of when they change contributions.

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Quick update.

Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,041
Experience: Adjunct Professor
Verified
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Customer reply replied 1 month ago
Hi Carter, the spreadsheet you attached did not have the breakdown as stated. However, I was finally able to create a formula that is what I was looking for. Using the IF plus the MIN functions.
Thank you for your help.
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Carter McBride
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Category: Finance
Satisfied Customers: 1,041
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