Hi,

I am an Accountant trying to make a model in excel that calculate net income after deducting tax and national insurance contributions from gross salary . The trouble I am facing is I don't know how to use multiple IF functions. For e.g

A person earning £40000 per year will be charges income tax like this

£40000
Less: 5035 ( Non Taxable Income for year)

____________

34965 - Taxable income

Income Tax will be deducted like this

Income less than £2150 tax is NIL

From £2151 tax is 10%

If Income is from £2151 - £33,300 Tax is 22%

Anything above £33,301 will be charged at 40%

National Insurance Contributions is about 11 % on Gross Income which is easy
but the real trouble is built of all these IF and AND functions .

Could someone please help me build this function of Income tax in one line please ? There are other complications as well that but if you could only solve income tax that will be great.
Thanks

Sarvesh