Hi Gurus,
Can somebody help to put the IF nesting formula together, please?
I need to put the following figures in IF NESTING:
Income Offset
up to $37,000 $255
$37,001 to $48,000 $255 plus 7.5 cents for each dollar over $37,000
$48,001 to $90,000 $1,080
$90,001 to $126,000 $1,080 less 3 cents for each dollar over $90,000
I have attached the spreadsheet and a picture which shows the rate.
Thank you.
Last edited by Kahar007; 07-09-2019 at 09:30 AM.
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Ali
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Still no good - sorry.
Once again: Your title should be explicit and not be generic (this includes function names used without an indication of what you are trying to achieve).
Your example shows an income of $127,000 but your table only goes up to $126,000 - what rate should apply above that?
Assuming the 4th rate applies to everything above $90,000, you could use this:
=IF(B9 <= 37000,255,IF(B9 <= 48000,255+((B9-37000)*0.075),IF(B9 <= 90000,1080,1080-((B9-90000)*0.015))))
It seems strange that the 4th rate would mean less tax than for someone on the 3rd band of income.
Hope this helps.
Pete
Hi Peter,
Anything above $126k should have no value in the offset amount.
Sorry for the confusion.
Thanks
Okay, try it this way:
=IF(B9 <= 37000,255,IF(B9 <= 48000,255+((B9-37000)*0.075),IF(B9 <= 90000,1080,IF(B9 <= 126000,1080-((B9-90000)*0.015),0))))
Hope this helps.
Pete
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#legend
works perfectly!
Much appreciated
Two forum rules broken in one thread.
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@Kahar007
Thanks for the rep - that takes me to exactly 10,000 rep points !!
Pete
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