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Formula to calculate federal income tax
I am trying to come up with the best way (formula not vba) to lookup & calculate income tax from the following two columns A & B when the taxable amount is entered in C1: ColA Col B 1 10% 14,300 (1st 14,300 taxed at 10%) 2 15% 58,100 (1st 14,300@10% + over 14,300 to 58,100 taxed at 15%) 3 25% 117,250 (1st 14,300@10% + 43,800@15% + 58,100 to 117,250@25%) 4 28% 178,650 (1st 14,300@10% + 43,800@15%+120,550@25%+over 117,250 to 178,650@28%) 5 33% 319,100 (1st 14,300@10%+43,800@15%+120,550@25%+ 61,400@28%+over 178,650 to 319,100@33%) 6 35% over 319,100 (1st 14,300@10%+43,800@15%+120,550@25%+61,400@28%+140,4 50@33%+all over 319,100@35%) Using only two columns A & B are preferred and have the ability to change the column A percents & the column B amounts without having to change the formula. Example: The tax on 49,000 entered in cell C1 would be 6,635 (14300 X 10% + (49000-14300 X 15%)). Any ideas? Thank you for your help. mikeburg -- mikeburg ------------------------------------------------------------------------ mikeburg's Profile: http://www.excelforum.com/member.php...o&userid=24581 View this thread: http://www.excelforum.com/showthread...hreadid=399496 |
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