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Need help in a formula that calculates the local income tax

  1. #1
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    Need help in a formula that calculates the local income tax

    Hello,

    I have a small office and i need help writing a formula that would help me calculating the income tax of the employees salaries.
    The income tax is 0% if your monthly salary is between 0-1000
    The income tax is 7% if your monthly salary is between 1000-2000
    The income tax is 14% if your monthly salary is over 2000

    As an example : if someone's salary is 1400 , the first 1000 has 0% tax , but the 400 has 7%
    another one , if someone's salary is 2100 , the first 1000 has 0% tax , 7% for 1000 , and 14% for 100

    I wish that anyone can help me to write a formula to solve this !!

    Thank you so so much guys

    Best Regards,
    Mughrabi

  2. #2
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    Re: Need help in a formula that calculates the local income tax

    I am using Excel 2007

  3. #3
    Forum Moderator Fotis1991's Avatar
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    Re: Need help in a formula that calculates the local income tax

    Hi

    Try

    =IF(AND(A1>1000,A1<=2000),((A1-1000)*7%),IF(A1>2000,((2000-1000)*7%)+((A1-2000)*14%),0))
    Regards

    Fotis.

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  4. #4
    Forum Expert Cutter's Avatar
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    Re: Need help in a formula that calculates the local income tax

    How about

    =MAX(0,A2-2000)*0.14+MAX(0,MIN(A2,2000)-1000)*0.07

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