I am trying to develop a formula that will calculate the appropriate tax amount based on a tax table. The distribution amount is used to calculate the tax amount. The tax table gives the distribution amount range and then the applicable tax rate is applied for that tier; in addition an additional tax amount may apply. For example if the distribution amount is $50,000, the tax amount is $6,544.50 (((50,000 - 49,900)*.27)+6,517.50).
Here is the tax table I am using.
Over Under Rate Addtnl Tax
- 6,450.00 0% -
6,450.00 49,900.00 15% -
49,900.00 105,200.00 27% 6,517.50
105,200.00 171,200.00 30% 21,448.50
171,200.00 302,050.00 35% 41,248.50
302,050.00 9,999,999.99 38.60% 87,046.00
I appreciate any assistance I can get. thank you
Here is the tax table I am using.
Over Under Rate Addtnl Tax
- 6,450.00 0% -
6,450.00 49,900.00 15% -
49,900.00 105,200.00 27% 6,517.50
105,200.00 171,200.00 30% 21,448.50
171,200.00 302,050.00 35% 41,248.50
302,050.00 9,999,999.99 38.60% 87,046.00
I appreciate any assistance I can get. thank you