Bill Golden
asked on
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>500 000<100000 0,(A3*0.06 4+24000),I F(A3>10000 00,(A3*0.0 73)+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
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,
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
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), ((A3-50000 0)*0.064+2 4000),IF(A 3>1000000, ((A3-10000 00)*0.073) +56000))))
=IF(A3<0,0,IF(AND(A3>0,A3<
ASKER CERTIFIED SOLUTION
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Simple to understand....
=IF(A5<=0,0,IF(A5<500000,(A5*0.048),IF(A5<1000000,(A5*0.064)+24000,(A5*0.073)+56000)))
ASKER
Thanks! Works like a charm...
=IF(A3<0,0,IF(AND(A3>0,A3<
Thanks
Rob H
EDIT need to allow for exact amounts as well with "<="