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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Re: Variable tax rates in Excel
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.
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I assume that you are creating a pro-forma for others to use. Very simply, you could offer a cell that asks the user to nominate the applicable tax rate for their tax jurisdiction, or, if you know (or assume the value), place that into a cell then multiply the taxable amount by 1+the tax rate, ie I buy shoes for $4 and have a 10% tax rate. Multiply the price of the shoe by 1.04 and you have the final price, inclusive of taxes.
Usually all fees and charges are applied before the taxes are calculated., but check your local tax rules because some government levied charges may not be taxable.
"OT" is used when your allowances have been used up or reduced to nil and your income is taxed at the relevant tax rates. May also be used if you've started a new job and don't have a form P45 or haven't completed a Starter Checklist or provide your employer with relevant information before your first pay day
A fee charged ("levied") by a government on a product, income, or activity. If tax is levied directly on personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then it is called an indirect tax. The purpose of taxation is to finance government expenditure. One of the most important uses of taxes is to finance public goods and services, such as street lighting and street cleaning. Since public goods and services do not allow a non-payer to be excluded, or allow exclusion by a consumer, there cannot be a market in the good or service, and so they need to be provided by the government or a quasi-government agency, which tend to finance themselves largely through taxes.
Service Tax is a form of indirect tax imposed on specified services
called "taxable services". Service tax cannot be levied on any service
which is not included in the list of taxable services. Over the past few
years, service tax been expanded to cover new services. The objective
behind levying service tax is to reduce the degree of intensity of
taxation on manufacturing and trade without forcing the government to
compromise on the revenue needs. The intention of the government is to
gradually increase the list of taxable services until most services fall
within the scope of service tax. For the purpose of levying service
tax, the value of any taxable service should be the gross amount charged
by the service provider for the service rendered by him.
Hi, I researched this "website" for you,(http://multiutils.com/itax/itax0910.htm) hopefully it will have the answer your looking for, thanks. "Rating the help is appreciated, just click on the "Thumbs."
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These are Excel functions for Lookup tables. The purpose of
Lookup tables is to bring a value to the table, find the closest (or exact)
match, and then return another value.
An example is the federal income tax table. On your tax
return you get your gross income and number of dependents, go to the Lookup
table, and find your taxable income.
The V in VLOOKUP means that the table is vertical; HLOOKUP
has a horizontal orientation.
If you use the Insert Function button in Excel and paste
either function, the dialog box will explain each required field separately