Thanks Demi,

This formula appears to tax the entire income at the rate the income fits
into instead of taxing the income on the tiers as it passes through them.

e.g. on the 80,000.00 income the formula would have to work out the following

The first $14,000 @ 12.5% + the income between $14,000 and $48,000 @ 21% +
the income between $48,000 and $70,000 @ 33% + $10,000 @ 38%.

as i see it the formula you sent to me taxes the whole 80,000 at 38% which
is not accurate.

Do you have a formula that completes the above example?
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Thanks in advance.

Scoober


"demi" wrote:

=IF(E30<14000,0.125,IF(E30<48000,0.21,IF(E30<70000 ,0.33,0.38)))*E30

"Scoober" дÈëÓʼþ
...
Hi All,

Can someone come up with a formula on how to work out how much tax is paid
on a person's income.

Tax rates are as follows

$0 - $14,000 = 12.5%

$14,000 - $48,000 = 21%

$48,000 - $70,000 = 33%

$70,000+ = 38%

E30 = Income

J30 = Target Cell

I have no idea how to attack this so can even offer a formula that does
not
work!!


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Thanks in advance.

Scoober


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