I need a formula to calculate CPP deductions monthly. The formula I have
=IF((J7-$C$109/12)*$C$112*9<=$C$110,MAX((J7-$C$109/12)*$C$112,0),MAX($C$110-(J7-$C$109/12)*$C$112*(9-1),0))
is not working correctly.
J7 = annual salary
C109 = Base Exemption of 3,500
C122 = Rate of 4.95%
C110 = Max CPP contribution of 2593.90
Solved by I. H. in 19 mins