Sep 14 2021 04:31 AM
I would like to create a nested if formula for the Tax table below. Please help
TAX Bracket | Tax % | |
FIRST | 100,000.00 | 0% |
NEXT | 900,000.00 | 25% |
NEXT | 2,000,000.00 | 30% |
NEXT | 3,000,000.00 | 35% |
EXCESS | 6,000,000.00 | 40% |
Sep 14 2021 04:50 AM
SolutionSee the attached version. It uses two helper columns (Threshold and Difference) and a SUMPRODUCT formula.
Sep 14 2021 09:32 AM
Just FYI, this isn't what you were asking, but IS the an example of how one can make the existing US tax tables (for 2021) work. It does require the most current version of Excel, for it makes use of the very new function LET in order to shorten the main formula.
Sep 14 2021 04:50 AM
SolutionSee the attached version. It uses two helper columns (Threshold and Difference) and a SUMPRODUCT formula.