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Income Tax
Resolved · Low Priority · Version 2007
Richard has attended:
Excel Intermediate course
Income Tax
someone earning 100,000 and you want to find income tax. e.g first 50,000 taxed at 5% next 25,000 taxed at 10% next 25,000 taxed at 20%. how would the formula work?? thanks
RE: Income Tax
Hi Richard,
Thank you for your question and welcome to the forum.
You would need to use a formula similar to this which included the sumproduct function and array formulas
Here is a sample formula:
=SUMPRODUCT(C2>6000,21600,58000,70000}),C2-{6000,21600,58000,70000},{0.17,0.13,0.12,0.05})
C2 being the amount of income and if c2>6000 then income - 6000 is taxed at 0.17.
I hope this helps.
Regards
Simon
Thu 9 Dec 2010: Automatically marked as resolved.
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