Forum Discussion
Assistance with a formula
If net income is at least $15,000 and at most $35,000, taxes paid are 28% of income above $15,000,
else, If net income is less than $15,000 then taxes paid are 15% of income above $8,000.
else, If net income is greater than $35,000, taxes paid are 33% of income above $35,000
B22 is cell reference for net income
Below is my formula, what am I doing wrong?
IFAND((B22<=15000,B22>=35000), 0.28*(B22-15000), IF(B22<15000), 0.15*(B22-8000), IF(B22>35000), 0.33*(B22-35000))
1 Reply
Hello,
there are problems with the logic and syntax issues. Syntax: you are closing the inner IF statement brackets too early, right after the condition. The beginning of the formula should have a bracket between IF and AND.
Logic: AND(B22<=15000,B22>=35000) -- This can never be true. No value can be less than 15000 and at the same time greater than 35000.
Maybe like this:
=IF(AND(B22>=15000,B22<=35000), 0.28*(B22-15000), IF(B22<15000, 0.15*(B22-8000), IF(B22>35000, 0.33*(B22-35000))))
Or a bit more simplified by odering the conditions by size, thus saving one nested IF:
=IF(B22<15000,0.15*(B22-8000),IF(B22<=35000,0.28*(B22-15000),0.33*(B22-35000)))
