# If Statements

#### acclenticularis

##### New Member
I am having trouble with a statement. This is a tax problem. Taxes apply to a certain income threshhold and then no longer apply. I can do an IF statement to cut off the taxes, however, I cannot get it to cut off to the dollar. For example: Max taxes = \$5.00

Date Income Taxes 25%(calculation of Income*tax rate)
1/1/05 \$10.00 \$2.50
2/1/05 \$ 8.00 \$2.00
3/1/05 \$10.00 \$0 Spits out because of the IF statement.
Total \$28.00 \$4.50

How can I get the amount under taxes to be \$0.50 rather than \$0?
The statement that I am using is:

IF(Total income*tax rate>=max tax,(0),income*tax rate)

Thanks

### Excel Facts

Back into an answer in Excel
Use Data, What-If Analysis, Goal Seek to find the correct input cell value to reach a desired result
Hi acclent...

Welcome to MrExcel Board!

Here is one way ...
Book1
ABCD
1DateIncomeTaxes 25%(calculation of Income*tax rate)
201/01/2005\$10.00\$2.50
302/01/2005\$8.00\$2.00
403/01/2005\$10.00\$0.50
5Total
Sheet2

formula in cell C2 is ... =MIN(B2*0.25,5-SUM(\$C\$1:\$C1))

this is then copied down.

use MIN function

try this formula:

=min(max tax,income*tax rate)

min chooses the lesser of the two: either the max tax (\$5.00) or the applied tax rate

Thank you so much benjee03 and Yogi Anand ... worked like a charm!

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