Solved

# VLOOKUP Excel 2010

Posted on 2011-10-29
Medium Priority
239 Views
Hi,
You guys please help me out, I have an issue with VLOOKUP. I need to compute the income tax based upon the following schedule.
If gross pay <5,000, the tax rate is 15%.
If gross pay <7,000, the tax rate is 20%.
If gross pay <10,000, the tax rate is 25%.
Otherwise, the tax rate is 28%.

Employee ID          Dept                 Gross Pay                  Income Tax
92-5601                  HR                        3,000
77-3407                  IT                         5,000
66-1000                  ACCTG                15,000
77-3410                  FINANCE            14,000
95-6688                  IT                          7,000
99-8989                   HR                          4,000

TOTAL                                        \$    48,000        \$                 -

0
Question by:perla1962
• 2
• 2

LVL 50

Expert Comment

ID: 37049588
Hello,

with the gross pay in A1

=LOOKUP(A1,{0,5000,7000,10000},{0.15,0.2,0.25,0.28})

cheers, teylyn
0

LVL 9

Accepted Solution

pritamdutt earned 2000 total points
ID: 37049601
calctax.xls
0

Author Comment

ID: 37049653
I tried but I get error message.  here is the file.
LOOKUPfunctions.xlsx
0

LVL 9

Expert Comment

ID: 37049666
I opened the attached file but did not receive any error. Please let us know the error you are receiving along with the version of EXCEL.

Regards,
0

Author Comment

ID: 37049688
I found the erro thank you I got it.

0

## Featured Post

Question has a verified solution.

If you are experiencing a similar issue, please ask a related question

When you see single cell contains number and text, and you have to get any date out of it seems like cracking our heads.
If you need to forecast numbers -- typically for finance -- the Windows and Mac versions of Excel 2016 have a basket of tools to get the job done.
This Micro Tutorial demonstrates how to create Excel charts: column, area, line, bar, and scatter charts. Formatting tips are provided as well.
Although Jacob Bernoulli (1654-1705) has been credited as the creator of "Binomial Distribution Table", Gottfried Leibniz (1646-1716) did his dissertation on the subject in 1666; Leibniz you may recall is the co-inventor of "Calculus" and beat Isaacâ€¦
###### Suggested Courses
Course of the Month13 days, 11 hours left to enroll