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Payroll: Withholding tax formula for excel?

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  1. #1
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    Payroll: Withholding tax formula for excel?

    is there a formula/function in excel that lets me

    Example:
    Earnings
    Carl, ME 5600
    Andy, Z 2700


    41.67 208.33 708.33
    10% 15% 20%
    over over over

    Z 833 2500 5833
    S/ME 5000 6667 10000
    ME1/S1 7083 8750 12083


    Basically what i want to do is:

    Carl's an ME so his computations are then based on the S/ME row. He’s earned 5600 and since 5000<5600<6667, his computations are now based on the 1st column.
    The computations go like this:
    5600 – 5000 = 600 X 10% = 60 + 41.67 = 101.67

    Andy’s:
    2700 – 2500 = 200 X 15% = 30 + 208.33 = 238.33

    Can all of this be done with just a single formula??
    Thanks in advance for the replies
    Last edited by stopsigns; 08-01-2014 at 04:38 AM.

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