Hello
I'm fairly new to excel and learning what I can from youtube! But I'm in a pickle and hope you can help. I'm creating a spreadsheet for many employees and need to calculate their tax contributions. The first $10,000 gross earnings is tax free, but from there on we need to pay say 20%.
So if an employee earns $1500 per month, I need the calculation for the tax only on the $1000, not the full amount, but on the full amount from there on and each employee earns vastly different rates, so some will hit the threshold much sooner. I have tried vlookup tables, but it calculates it on the gross minus 10000, which is too much in the second month of paying tax. Help please!
I'm fairly new to excel and learning what I can from youtube! But I'm in a pickle and hope you can help. I'm creating a spreadsheet for many employees and need to calculate their tax contributions. The first $10,000 gross earnings is tax free, but from there on we need to pay say 20%.
So if an employee earns $1500 per month, I need the calculation for the tax only on the $1000, not the full amount, but on the full amount from there on and each employee earns vastly different rates, so some will hit the threshold much sooner. I have tried vlookup tables, but it calculates it on the gross minus 10000, which is too much in the second month of paying tax. Help please!
