Thread: Income Tax Formula

Hi all

Is anyone able to assist with either a formula?

Here's the dealio,

My goal is to create a sheet that calculates income and tax on income.

This is using the Australian Tax System

I work on a rotating roster that includes penalty rates and sometimes overtime, and I already have a sheet set up that calculates my gross income every fortnight.

I am now trying to have an automatic calculation of my gross pay minus income tax.

On a separate worksheet I have a list of each gross income figure with the amount of tax withheld in the column next to it, and next to that a column that subtracts the withheld from the gross to calculate the net amount.

SAMPLE:

Fortnightly Earnings Withheld Net
4102 1108 2904


How can I use the calculated gross figure (on the first worksheet) to automatically show the calculated net figure on the second worksheet as it corresponds with the first column as shown above?

EXAMPLE:

(First Worksheet)
Gross Income=4102 ... the formula would find "4102" on the second worksheet and provide 2904 back on the first worksheet in the original or subsequent cell

Dizzy yet?

And here's the sweetener: Because the ridiculous Aussie Tax System rounds its gross figures to the nearest two dollars, I need a way to round the gross figure on the first sheet to the nearest even full 2 dollars. (Thank God we don't use cents).

Any assistance would be greatly appreciated.

Thankyou!

Danielle

Thankyou very much! I will give this a try.