I need to create a formula for returning the tax brackets based on Income.
If value is between 0 and 9225, returns 10%
If value is between 9226 and 37450, returns 15%
and so on
Thanks in Advance
I need to create a formula for returning the tax brackets based on Income.
If value is between 0 and 9225, returns 10%
If value is between 9226 and 37450, returns 15%
and so on
Thanks in Advance
Try something like this...
Data Range
A B C D E F 1 Value Rate ------ From To Rate 2 52226 27% 0 9225 10% 3 9226 37450 15% 4 37451 50000 22% 5 50001 66225 27% 6 66226 89350 35% 7 89351 89351+ 45%
This formula entered in B2:
=LOOKUP(A2,D2:F6)
On a side note, please change the thread title to something more specific. "They" don't like ambiguous thread titles at this forum.![]()
Biff
Microsoft MVP Excel
Keep It Simple Stupid
Let's Go Pens. We Want The Cup.
P.S.
You don't actually need the "To" column but I included it to make it easier to see the complete range.
So I understand that the range is D2 to F6 but how does the formula decide to find a value between D and E and return the value in F? I didn't think Lookup would be the appropriate formula because I didn't know how to structure a range to do so. (If the answer is, "It just does", I'm cool with that)![]()
OK so its not actually looking at ANYTHING in the E column. What you are saying is if it is less than or equal to the value in D (the left most) it returns the value in F (the right most)?
Thank you so much Mr. Valko
Duncan, this may help you understand better:
LOOKUP is referencing the values in the vector of column D. It searches until it can find a match. If it cannot find the lookup_value, then it matches the largest value in the lookup vector that is less than or equal to lookup value. That's why when it searches for "52226" in column D and it cannot find it, it resorts to using the closest match that is less than the lookup value, which is "50001" and it outputs 27%
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