SOLVED

Formula

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New Contributor

please solve my problem.

 

I need this Excel formula-

problem 1: 

"If the salary is not more than five lakh dollar, then income tax will be 1% of the salary, but not less than 200 dollar or more than 3000 dollar."

 

I need this Excel formula-

problem 2: 

For income above one million dollars, the first one million dollars will be taxed at 5000 Dollars and the next dollar will be taxed at 0.5%.

2 Replies
best response confirmed by allyreckerman (Microsoft)
Solution

@Anis_Rahman 

1) With salary in A1

 

=IF(A1<=500000, MIN(MAX(1%*A1, 200), 3000), "?")

 

2) With income in A1:

 

=IF(A1>1000000, 5000+0.5%*(A1-1000000), "?")

Thanks Hans vogelaar