Solved IF Statement

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faraz28

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Oct 11, 2018
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Hi there,

I can't figure out how to properly write an IF statement for this specific scenario. I have to calculate E.I (Employment Insurance).
E.I is 1.27% of your gross income. If my annual gross income is for example $66'000 I'd type in the formula
=(C7*1.27)/100 (C7 is the cell with the gross income.)

The max annual you can get is $836.19 annually. For this I have to write an IF statement.
My initial IF statement was
=(C7*1.27)/100 & IF(C7>836.19,"836.19","")
This gives me an error.

Please help.
 

DaveA

David
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What program are you trying this in?
 

cwwozniak

Chuck
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Hi faraz28, and welcome to TSG.

If you are using MS-Excel, I don't understand why you are using the concatenate text function in your formula. Also, using the MIN() function is probably simpler than using an IF function.

Code:
=MIN(C7*0.0127,836.19)
 

etaf

Wayne
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65,486
gross @ 1.27% maximum payout is 836.19, so if the 1.27% is = to or greater than 836.19 , the result is 836.19 otherwise calculate the amount

in excel
=IF((c7*1.27)/100 >=836.19, 836.19, (C7*1.27)/100)
 

faraz28

Thread Starter
Joined
Oct 11, 2018
Messages
8
gross @ 1.27% maximum payout is 836.19, so if the 1.27% is = to or greater than 836.19 , the result is 836.19 otherwise calculate the amount

in excel
=IF((c7*1.27)/100 >=836.19, 836.19, (C7*1.27)/100)
Thanks a lot for your help. It worked!
 

faraz28

Thread Starter
Joined
Oct 11, 2018
Messages
8
Hi faraz28, and welcome to TSG.

If you are using MS-Excel, I don't understand why you are using the concatenate text function in your formula. Also, using the MIN() function is probably simpler than using an IF function.

Code:
=MIN(C7*0.0127,836.19)
Hi there, I didn't know about this function. Thanks for informing me!
 
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