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Jacob Skaria Jacob Skaria is offline
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Default Help with tax formula for marginal tax rates

Or with the data arranged as mentioned by Stefi you can use LOOKUP()

=LOOKUP(D36,Sheet2!A:B)

Further you can add an IF() formula to validate the cell content

=IF(D36,LOOKUP(D36,Sheet2!A:B),"")

--
Jacob


"MZ" wrote:

I am trying to make a single formula that will calculate a person's taxable
income assuming the six different marginal tax rates that range from 10% to
35%, as income increases

For a single taxpayer, the marginal tax rates and the associated income
amounts a

10% up to $8,350
15% up to $33,950
25% up to $82,250
28% up to $171,550
33% up to $372,950
35% over $372,950


I am using "IF" statements to test for each marginal tax rate.
I began the formula as follows, but it returns a value error.

Cell D36 is the taxpayer's income

=IF(D36<=8350,D36/10),IF(AND(D368350,D36<=D31),SUM(D36/10,D36/6.666))

Also, is the only way to multiply by a percentage to make a fraction with
the denominator the value of the percentage - e.g. 6.666 is 15%?

Thank you
--
MZ