Return 0 After Milestone is Reached

P

Patrick A

All,

I am using this formula to calculate monthly taxes, which are based on
a % of income.

Once you've paid a certain amount of tax, you don't have to pay any
more.

I'm using this formula - which sucessfully works up to and including
the month where you pay less than the average month. I now need to
take it a step further, and say once the maxtax has been reached,
return a 0.

A4 to L4 are my monthly income amounts.

=IF(SUM($A4:L4)*tax<MaxTax,L4*tax,(SUM($A4:L4)*tax)-MaxTax)

Any suggestions?

Thanks,

Patrick
 
F

Fred Smith

Your problem is determining when Maxtax is reached. In the month where you
are going to go over the max, you still need to top up your tax payments. So
I don't think you can do it by looking at income alone. You need to check
your tax payments.

If your tax payments are in, say, row 5, use:
=IF(SUM($A5:K5>=MaxTax,0,IF(SUM($A4:L4)*tax<MaxTax,L4*tax,(SUM($A4:L4)*tax)-MaxTax))

Regards,
Fred
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

Federal tax withholding calculations - using IF statements..? 12
Increase value of number in formula/using named cells. And use ofIF sentence 10
how do I stop payroll tax deductions once FUTA limit is met? 10
formula in excel 2
Possible Tax Implications of "Free" Vista and Office Offer 3
SUM and IF using two date ranges 2
Help with UDF 4
Locking cell data from change 1

Top