Thread: andy-stop calculating

Please help me with this formula, it's a tax one and soyuld be quite easy for you lot.
I have a monthly income of say £4000 every month and the tax is split up @ 10% - 22% - 40% ( £0 - £2000 ) ( £2001 - £29000 ) & (£29001 + ) First cel at 10% would tax the income to £2000 and stop calculating and go on to cel two and stop calculating at £29000 and so on
Please help

Try the following...

=SUMPRODUCT(--(A1>{0,2000,29000}),A1-{0,2000,29000},{0.1,0.12,0.18})

...where A1 contains the your income amount.

Hope this helps!

Well the solution worked and I would have spent the rest of my life working it out, so again thanks to the wiz kid

although this formula works could you explain how ?

Have a look at the following links...

http://www.mcgimpsey.com/excel/variablerate.html
http://www.mcgimpsey.com/excel/variablerate1.html

Hope this helps!