It's easy to deal with predetermined percentages such as 10%, 15% etc.
Simply express them as a decimal:
10% = .1
15% = .15
25% = .25
28% = .28
33% = .33
35% = .35
and multiply by that decimal value:
=8350/10
is same as
=8350 * .1
In fact, in some cases it's more accurate to do it that way:
=372950/3 [result is 124316.6667] (most people tend to think of 33% as 1/3
even though it really is not)
is not the same as
=372950*.33 [result is 123073.50]



"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