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#### Guest

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