Question: Create a formula to calculate these expected tax payments separately for Social Security and Medicare taxes for each individual employee and then use the SUM

Create a formula to calculate these expected tax payments separately for Social Security and Medicare taxes for each individual employee and then use the SUM function to create separate totals for the expected Social Security and Medicare tax payments. Assume (a) a maximum contribution threshold in 2023 of $160,200 for Social Security tax (6.2%

Hello, I know what the question is asking for, I just need help with putting the formula in excel.

How would I make a formula that only multiplies up to a certain point?

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