Tax Payable Calculator

[bluelabel]

Hi all,

I need to formlua which calculates an amount of tax payable based on a tax table. I am not quite sure how to go about this, so any help is much appreciated thankyou.

If i have a net profit of $50000 then i want the formula to look up a table an apply the appropriate tax rate.

The tax rates are as follows

1-6000 Nil
6001 - 35000 15c for each $1 over 6000
34001 - 80000 4350 plus 30c for each $1 over 35000
80001 - 180000 17850 plus 40c for eah $1 over 80001
180001 and over 55850 plus 45c for each $1 over 180000

Thanks in advance

If you need anything else to assist please let me know

 

[Peter_SSs]

Try this.

Excel Workbook
	A	B	C	D	E	F
1	Amount	50,000		Step	Base Tax	Marginal Rate
2	Tax	9,150.00		0	0	0%
3				6,000	0	15%
4				34,000	4,350	30%
5				80,000	17,850	40%
6				180,000	55,850	45%
7
Tax Calc