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.  


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


Rob H

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

Rob HensonFinance AnalystCommented:
Shorter version with same result:


EDIT: To make clearer with additional brackets:


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Subodh Tiwari (Neeraj)Excel & VBA ExpertCommented:
Simple to understand....


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

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