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Income Tax

Resolved · Low Priority · Version 2007

Reply Mon 29 Nov 2010, 16:14Delegate Richard said...

Richard has attended:
Excel Intermediate course

Income Tax

someone earning 100,000 and you want to find income tax. e.g first 50,000 taxed at 5% next 25,000 taxed at 10% next 25,000 taxed at 20%. how would the formula work?? thanks

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Reply Thu 2 Dec 2010, 18:59Trainer Simon said...

RE: Income Tax

Hi Richard,

Thank you for your question and welcome to the forum.

You would need to use a formula similar to this which included the sumproduct function and array formulas

Here is a sample formula:

=SUMPRODUCT(C2>6000,21600,58000,70000}),C2-{6000,21600,58000,70000},{0.17,0.13,0.12,0.05})

C2 being the amount of income and if c2>6000 then income - 6000 is taxed at 0.17.

I hope this helps.

Regards

Simon

Thu 9 Dec 2010: Automatically marked as resolved.

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Excel tip:

Sum Up All the Values in A Column

If you want to quickly calculate the Summed values of all cells in a column in Excel 2003 normally you would use the SUM formula. (eg if you wanted to calculate the values in Column C rows 10 to 25) the formula would be:

=SUM(C10:C25)

However, if you keep adding values to column C you would keep having to modify the above SUM formula which can get quite annoying.

To get around this you can sum all the values in a column using the following formula:

=SUM(COLUMN:COLUMN)

Which, in our example, would be:

=SUM(C:C)

NOTE You cannot place this formula in column C, or else Excel 2003 will show a circular reference error.

The formula must be placed in any other column, EXCEPT the one being calculated.

View all Excel hints and tips