Nested IF Formula

[MPHONGO]

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%

[#2 · Accepted solution]

@MPHONGO 

See the attached version. It uses two helper columns (Threshold and Difference) and a SUMPRODUCT formula.

[#3]

Thanks Hans. This is perfect. Much appreciated

[#4]

@MPHONGO 

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.