Tax Projection Formula in Excel

I have the following tax rate:                 4.8% from 0-$500,000
Over $500,000                     $24,000  + 6.4% of excess over $500,000                                      
Over $1,000,000                  $56.000 + 7.3% of excess over $1,000,000

For Example, Cell A3 contains the number 100,000

and I have the following formula in C53.  

=IF(A3<0,0,IF(A3>0<500000,(A3*0.048),IF(A3>500000<1000000,(A3*0.064+24000),IF(A3>1000000,(A3*0.073)+56000))))

When A3 is over $1,000,000 I get a number (which is wrong) and anything less I get FALSE. Yep, I am LOST!
TaxRateSnippet.xls
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Bill GoldenExecutive Managing MemberAsked:
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Rob HensonFinance AnalystCommented:
You need to include AND function:

=IF(A3<0,0,IF(AND(A3>0,A3<=500000),(A3*0.048),IF(AND(A3>500000,A3<=1000000),(A3*0.064+24000),IF(A3>1000000,(A3*0.073)+56000))))

Thanks
Rob H

EDIT need to allow for exact amounts as well with "<="
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Rob HensonFinance AnalystCommented:
Edit to allow for excess over thresholds:

=IF(A3<0,0,IF(AND(A3>0,A3<=500000),(A3*0.048),IF(AND(A3>500000,A3<=1000000),((A3-500000)*0.064+24000),IF(A3>1000000,((A3-1000000)*0.073)+56000))))
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Rob HensonFinance AnalystCommented:
Shorter version with same result:

=IF(A5<0,0,A5*0.048+MAX(0,A5-500000)*(0.064-0.048)+MAX(0,A5-1000000)*(0.073-0.064))

EDIT: To make clearer with additional brackets:

=IF(A5<0,0,(A5*0.048)+(MAX(0,A5-500000)*(0.064-0.048))+(MAX(0,A5-1000000)*(0.073-0.064)))
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Subodh Tiwari (Neeraj)Excel & VBA ExpertCommented:
Simple to understand....

=IF(A5<=0,0,IF(A5<500000,(A5*0.048),IF(A5<1000000,(A5*0.064)+24000,(A5*0.073)+56000)))

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Bill GoldenExecutive Managing MemberAuthor Commented:
Thanks!  Works like a charm...
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