G
Guest
Hello Everyone
I'm trying to come up with an efficient formulae or function to calculate tax
The problem I have is that the tax is progressive. As below
the first 20,000 is taxed at 5%
the next 20,000 is taxed at 6%
the next 20,000 is taxed at 7%
the next 20,000 is taxed at 8%
the next 20,000 is taxed at 9%
more than 100,000 is taxed at 10%
I'm trying to do a formula like below
Cell B3 is my taxable amount
Cell B5 =IF(B$3>20000,20000*0.05,B$3*0.05)
Cell B6 =IF(B$3>40000,40000*0.05,(B$3-20000)*0.05)
This gives me a problem in that for 35k say, I end up with a negative number
for the second part in cell B6
My other issue is that each calculation will take up 6 rows on my
spreadsheet. I was hoping to set up a function that could do this in a cell,
but even the simple stage defeats me at the moment.
Thanks for reading this far and any help would be greatly appreciated
Thank you
I'm trying to come up with an efficient formulae or function to calculate tax
The problem I have is that the tax is progressive. As below
the first 20,000 is taxed at 5%
the next 20,000 is taxed at 6%
the next 20,000 is taxed at 7%
the next 20,000 is taxed at 8%
the next 20,000 is taxed at 9%
more than 100,000 is taxed at 10%
I'm trying to do a formula like below
Cell B3 is my taxable amount
Cell B5 =IF(B$3>20000,20000*0.05,B$3*0.05)
Cell B6 =IF(B$3>40000,40000*0.05,(B$3-20000)*0.05)
This gives me a problem in that for 35k say, I end up with a negative number
for the second part in cell B6
My other issue is that each calculation will take up 6 rows on my
spreadsheet. I was hoping to set up a function that could do this in a cell,
but even the simple stage defeats me at the moment.
Thanks for reading this far and any help would be greatly appreciated
Thank you