Excel If cell is greater than condition then minus number

Question

I’m creating an excel spreadsheet that contains the following:

• Cell B4: Number that represents Bob’s subcontractor fortnight (earning in 2 weeks) earnings.
• Cell B6: Number that represents Bob’s student allowance a fortnight.
• Cell B5: Display the total that was subtracted from Bob’s student allowance this specific fortnight.

Subtraction of allowance: If bob earns more than $300 as a subcontractor his allowance will be reduced by 0,60 cents for each dollar over $300 in his subcontractor earnings.

0,60 * (B4-300) = subtraction

Using Excel, what is the formula to calculate the remaining amount in Bob's student allowance?

Answer 1

The IF function to calculate B5 (amount to subtract from student allowance)

=IF(B4>300;0,6*(B4-300);0)

IF Bob earns more than $300 then multiply 0.6 cents per euro above 300. Else, the subtraction equals $0.