I need your help with a FUTA payroll tax report. I've got it working - to a point!
The picture below explains my problem.
The futa tax should max at $56.00 but it doesn't.
Don't run away when you see my calcs below. I know it needs help!
FUTA Cal = Gross Pay*FUTA Rate
FUTA Excess = If ( Gross Pay YTD ≥ FUTA Max Wages ; Gross Pay YTD-FUTA Max Wages)
FUTA Excess Wages = If ( FUTA Max True=0;FUTA Excess ; 0)
FUTA Max = Round(FUTA Rate*FUTA Max Wages;2)
FUTA Max True = If(Gross Pay YTD > FUTA Max Wages;1;0)
FUTA Max Wages = Setup::Max FUTA Wages
FUTA Rate = Setup to::FUTA Tax%
FUTA Tax = Round(If(FUTA Max True;1;FUTA Cal);2)
FUTA Taxable = If (Gross Pay YTD ≤ FUTA Max Wages;FUTA Max Wages-Gross Pay YTD)
FUTA Taxable Wages = If ( FUTA Max True=1 ; 0 ; SumGross-SumFUTA Excess )
FUTA Tax Rate = .008 and Maximum Taxable wages is 7,000
Thanks so much!