formula not working

[Blackwell]

Hello, I have this formula which works when the value is over 3142 ==IF(C7<3142,C7*20%,IF(C7<>E3142,0))
net income 6513
tax 20% = =IF(C7<3142,C7*20%,IF(C7<>E3142,0)) =0
should be = 628.40

tax 40% = 1348.40
Not sure where I am wrong now?

 

[etaf]

So when is it 40% ?
if the value in c7 is greater then 3142 - it will use the test in the 2nd IF() , as its NOT less than 3142
and it may -= 3142 exactly - so will return FALSE or if greater than 3142 will be 0

when do you want 40% to be applied

 

[Blackwell]

Yes, I agree, The formula I am after is if a1 is less than 3142, then multiply by 20% if not, then multiply 3142 by 20% which is £628.40.cell
The same will apply to the 40% cell.

 

[etaf]

wheres the 40% cell

=IF( A1 < 3142 , A1*0.2 , 628.4)
OR
=IF( A1 < 3142 , A1*0.2 , 3142 * 0.2 )

But i suspect more to it then this, just not following the requirement exactly

you have marked the thread solved by the way

 

[Blackwell]

. Once again thank you a great help. Thank you, Etaf, That works great with the 20%. the 40 % formula I have also works fine

 

[etaf]

you are welcome

 

[Joe4]

. Once again thank you a great help. Thank you, Etaf, That works great with the 20%. the 40 % formula I have also works fine

Note that when marking a post as the solution, please mark the actual reply that contains the solution (and not your own post acknowledging that some other post was the solution).
I have updated this for you.

 

[Alex Blakenburg]

Are you sure it is not more along these lines:

20220928 UK Pension Tax Rates Blackwell.xlsx
	A	B	C	D	E	F	G	H
1	Income	Tax Calculation		Tax Band *	From	To	Rate of tax *	Base Tax
2	12,600.00	3,788.20		Basic rate	-	3,142	20%	-
3				Higher rate	3,142	12,500	40%	628.40
4				Additional rate	12,500		45%	3,743.20
Tax Rates

Cell Formulas
Range	Formula
B2	B2	=VLOOKUP(A2,$E$1:$H$4,4,TRUE)+(A2-(VLOOKUP(A2,$E$1:$H$4,1,TRUE)))*VLOOKUP($A$2,$E$1:$H$4,3)
F2:F3	F2	=E2+K3
E3	E3	=K3
E4	E4	=F3
H3:H4	H3	=ROUND((F2-N(F1))*G2,2)