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VLOOKUP Excel 2010

Posted on 2011-10-29
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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        $                 -  

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Question by:perla1962
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LVL 50
ID: 37049588
Hello,

with the gross pay in A1

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

Adjust to suit.

cheers, teylyn
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pritamdutt earned 2000 total points
ID: 37049601
Hi, Please find attached solution...
calctax.xls
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Author Comment

by:perla1962
ID: 37049653
I tried but I get error message.  here is the file.
LOOKUPfunctions.xlsx
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Expert Comment

by:pritamdutt
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,
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Author Comment

by:perla1962
ID: 37049688
I found the erro thank you I got it.

 
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