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Variable tax rates in Excel

Hello all
How do I write a formula that will do the following - If taxable income is:

$0-$6000, tax is nil.
$6,001 - $21,600, tax is 17c for each $1over $6,000.
$21,6001 - $58,000, tax is $2,652 plus 30c for each $1over $21,6000.
$58,001 - $70,000, tax is $13,572 plus 42c for each $1over $58,000.
Over $70,001, tax is $18,612 plus 47c for each $1 over $70,000.

So, if I work on $69,6000 as taxable income,....Help!

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Hi there

Here you go!
NOTE:
1) Cell A8 mentioned here can be changed according to the cell where you want the input.
2) Change the Cell Formatting of the input and output cell to Currency so that you can see the $ symbol.

=IF((A8<=6000),0,IF(AND(A8>=6001,A8<=216000),(((A8-6001)*17)/100),IF(AND(A8>=216001,A8<=58000),((((A8-216001)*30)/100)+2652),IF(AND(A8>=58001,A8<=70000),((((A8-58001)*42)/100)+13572),IF(A8>=70001,((((A8-70001)*47)/100)+18612))))))

Please let me know if you have any more queries

All the Best.

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Posted on Feb 22, 2008

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