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Solved IF Statement

Discussion in 'Business Applications' started by faraz28, Oct 11, 2018.

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  1. faraz28

    faraz28 Thread Starter

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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.
     
  2. DaveA

    DaveA Trusted Advisor Spam Fighter

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    David
    What program are you trying this in?
     
  3. cwwozniak

    cwwozniak Trusted Advisor Spam Fighter

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    Chuck
    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)
     
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  4. etaf

    etaf Moderator

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    Wayne
    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)
     
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  5. faraz28

    faraz28 Thread Starter

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    Thanks a lot for your help. It worked!
     
  6. faraz28

    faraz28 Thread Starter

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    Hi there, I didn't know about this function. Thanks for informing me!
     
  7. faraz28

    faraz28 Thread Starter

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    I was using Excel. Sorry for not specifying.
     
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