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Hello,
Would appreciate your assistance in figuring out the total taxes to be deducted for an employee working by pay periods.
I have attached an example.
Thank you.
Federal Tax Rates - Based on Pay Period
Hello,
Would appreciate your assistance in figuring out the total taxes to be deducted for an employee working by pay periods.
I have attached an example.
Thank you.
can you help me, I can't tell if you simply want the value in cell C13 to be divided by the values in cells E15 or E17 or E19 or E21? is that what you want?
EDIT: if that is what you want why not use =$C$13/E15 and paste at C15, C17, C19 and C21? (used wrong cell)
Last edited by Sam Capricci; 05-28-2015 at 04:20 PM. Reason: corrected formula
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Sam Capricci
Is it not just a simple function of (Total Owed / Pay Periods)?
Tbalot
BTW, here it is in one formula...
=$C$9*LOOKUP($C$9,{0,44701.01,89401.01,138586.01},{0.15,0.22,0.26,0.29})/E15
The periodic tax payments are just a simple division by the number of tax periods. As far as I know the only exception is when the government demands periodic payments and they set the amounts and the periods.
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Re: Federal Tax Rates - Based on Pay Period
Thank you for your input everyone!
I wanted to do something similar to this posting but for FEDERAL taxes only:http://www.excelforum.com/excel-gene...ne-tuning.html
Have the following formula working but not able to make it work on semi-monthly basis.
Salary info
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Yearly: 50000
Semi-monthly: 5000/24= 2083.33
Non-refundable Tax Credits - Year 2015
Basic personal amount: 11,327
Tax info 2015
Tax Income
15% Up to 44,701
22% + 6,705 - 44,701 to 89,401
26% + 16,539 - 89,401 to 138,586
29% + 29,327 - Above 138,587
Approx tax on FEDERAL for this individual should be» 190.57
Seems there are too many variables here for this to work in Excel...is this possible?
I have a typo on Salary info, I was missing an extra "0"
Yearly: 50000
Semi-monthly: 50000/24= 2083.33
I think that you are making this too complicated. Subtract the basic non-refundable tax credits from the total salary to get the Taxable Income, apply the appropriate tax rate for that income level.
Divide the tax owing by one of the following 52, 26, 24, 12, or 4 . The 4 is for quarterly installments. You are probably never going to get it closer than a few dollars. Even the Federal Government can't figure it out that closely until the year is finished.
The Federal Government uses a 2 week pay cycle and that rarely works out to an even amount and they have a very complicated formula and even that doesn't work very well.
Thank you Sir!
If that takes care of your original question, please select Thread Tools from the menu link above and mark this thread as SOLVED. Thanks.
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