Solved

Excel Tax Table Calculation Question

Posted on 2013-01-30
4
482 Views
Last Modified: 2013-01-30
Hi. I have attached a simple spreadsheet with the 2013 Corporate Tax Table.

I simply need a formula (no arrays, please) that calculates the corporate tax I will owe on my business income.

It's a graduated scale, and I've included a sample calculation to show specifically what I'm looking for.

Thanks in advance!
EE.xls
0
Comment
Question by:Cactus1994
4 Comments
 
LVL 43

Accepted Solution

by:
Saqib Husain, Syed earned 500 total points
ID: 38837279
Please recheck your calculation for 120,000

Total tax
=SUMPRODUCT((B2:B8<A18)*(C2:C8)*(B2:B8-A2:A8))+VLOOKUP(A18,A2:C9,3)*(A18-VLOOKUP(A18,A2:C9,1))

Marginal tax
=VLOOKUP(A18,A2:C9,3)

Effective tax
=B18/A18
0
 
LVL 50

Expert Comment

by:barry houdini
ID: 38837338
If you make C1 blank then you can use this formula for total tax

=SUMPRODUCT((A18>A2:A9)+0,A18-A2:A9,C2:C9-C1:C8)

regards, barry
0
 
LVL 23

Expert Comment

by:NBVC
ID: 38837342
I am not sure your 120,000 taxes are calculated correctly.  I get 30,050.

Try:

In B18:

=SUMPRODUCT(--(A18>{0;50000;75000;100000;335000;10000000;15000000;18333333}),(A18-{0;50000;75000;100000;335000;10000000;15000000;18333333}),{0.15;0.1;0.09;0.05;-0.05;0.01;0.03;-0.03})

in A22:

=LOOKUP(A18,A2:C9)

in A23:

=B18/A18
0
 

Author Closing Comment

by:Cactus1994
ID: 38837376
Thanks, guys. Barry, ssaqibh beat you by a few minutes, and I actually can't leave C1 blank as it has to have a header. NB_VC, your formula was a bit too involved, and as the tax code parameters change, I'll need to change the amounts, which were "hard-coded" into the formula in your answer. ssaqibh, your answer worked perfectly, and you are all correct that the calculation in my example for $120,000 was wrong (I missed adding in a marginal bracket, which is why I need help from you guys so often!)<br /><br />I really appreciate it, guys. ssaqibh and Barry, you've bailed me out more than a few times, and I'm as appreciative as I am awed by how fast and simple you provide answers to what seem to me as quite complex. NB_VC, thanks to you for helping as well. <br /><br />Have a great day!
0

Featured Post

Is Your Active Directory as Secure as You Think?

More than 75% of all records are compromised because of the loss or theft of a privileged credential. Experts have been exploring Active Directory infrastructure to identify key threats and establish best practices for keeping data safe. Attend this month’s webinar to learn more.

Question has a verified solution.

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

How to quickly and accurately populate Word documents with Excel data, charts and images (including Automated Bookmark generation) David Miller (dlmille) Synopsis In this article you’ll learn how to use ExcelToWord! to copy data,charts, shapes …
This code takes an Excel list of URL’s and adds a header titled “URL List”. It then searches through all URL’s in column “A”, looking for duplicates. When a duplicate is found, it is moved to the top of the list. The duplicate URL’s are then highlig…
This Micro Tutorial will demonstrate in Microsoft Excel how to add style and sexy appeal to horizontal bar charts.
This Micro Tutorial will demonstrate how to use a scrolling table in Microsoft Excel using the INDEX function.

895 members asked questions and received personalized solutions in the past 7 days.

Join the community of 500,000 technology professionals and ask your questions.

Join & Ask a Question

Need Help in Real-Time?

Connect with top rated Experts

17 Experts available now in Live!

Get 1:1 Help Now