I'm trying to create an equation that will calculate payroll taxes for scenario estimates on a Pro Forma.
I thought that I would use and IFS equation, but am not having any luck.
Basically, the equation needs to compute the taxes based on the amount of income.
From $0 to $132,900 the tax rate will be 15.3%, from greater than $132,900 up to and including $200,000 those earnings would be taxed at 9.1%, with any earnings over $200,000 taxed at 10.0% and then any or all of those taxes would be summed and show as a total in the cell.
Is this something that the IFS can do? Or am I better off trying this with nesting?