+ Reply to Thread
Results 1 to 4 of 4

Tax Rates and IF function

  1. #1
    Registered User
    Join Date
    09-05-2011
    Location
    London, England
    MS-Off Ver
    Excel 2003
    Posts
    27

    Tax Rates and IF function

    Hi everyone

    Need a bit of an assist here. I need to calculate income tax, with respect to the following tax brackets.


    Taxable income (R) Tax Rates
    0 165 600 18% of each R1
    165 601 258 750 R29 808 + 25% of the amount above R165 600
    258 751 358 110 R53 096 + 30% of the amount above R258 750
    358 111 500 940 R82 904 + 35% of the amount above R358 110
    500 941 638 600 R132 894 + 38% of the amount above R500 940
    638 601 and above R185 205 + 40% of the amount above R638 600

    Tax Class Tax Rebates
    Primary R12 080
    Additional R6 750 (Persons 65 and older)
    Tertiary R2 250 (Persons 75 and older)

    Tax Class Tax Threshold
    Below age 65 R67 111
    Age 65 to below 75 R104 611
    Age 75 and over R117 111

    all values annual

    How do I do this? If I use the IF function, it will be incredibly long and tricky...

  2. #2
    Valued Forum Contributor Dunc3142's Avatar
    Join Date
    09-05-2007
    Location
    Franklin OH
    MS-Off Ver
    2000 and 2007 and 2010 @ Home & Teach 2010
    Posts
    351

    Re: Tax Rates and IF function

    I think I have what you need.
    If this is what you need please mark post as solved and click the * lower left of post to add to my reputation.
    Attached Files Attached Files
    Last edited by Dunc3142; 03-16-2013 at 08:50 PM.
    Yes it will. we just have to figure out how...
    If I have helped you, PLEASE click the * and add to my Rep.
    Also, if the problem is SOLVED please mark it as so.

  3. #3
    Registered User
    Join Date
    09-05-2011
    Location
    London, England
    MS-Off Ver
    Excel 2003
    Posts
    27

    Re: Tax Rates and IF function

    Hi there, Dunc!

    Thank you so much for your response.

    The answers need to coincide with this tax calculator "http://www.oldmutual.co.za/markets/south-african-budget/income-tax-calculator.aspx".

    Also, there were some errors in the transferring of the data in the 'table' I provided. I corrected this.

    The tax thresholds mean that if the person earns less than that value, they are charged no tax.

  4. #4
    Valued Forum Contributor Dunc3142's Avatar
    Join Date
    09-05-2007
    Location
    Franklin OH
    MS-Off Ver
    2000 and 2007 and 2010 @ Home & Teach 2010
    Posts
    351

    Re: Tax Rates and IF function

    So do you still need help? If not Please mark thread as solved.

+ Reply to Thread

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Search Engine Friendly URLs by vBSEO 3.6.0 RC 1