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Fun with tax

  1. #1
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    Fun with tax

    Hi all! I've got a question which is really taxing me, one of those tax band questions. I've attached what I've got so far, but I don't see where abouts its going wrong. If I break the formula down in the 'tax to be paid' column, then it all seems to work correctly!

    For instance, for the top example, using the equation: =VLOOKUP(B13,TaxTable,3)+((B13-(VLOOKUP(B13,TaxTable,1))*VLOOKUP(B13,TaxTable,2))) gives me the value 72,802.20
    However, if I break down the formula:

    =VLOOKUP(B13,TaxTable,3) gives 5300

    =((B13-(VLOOKUP(B13,TaxTable,1)))) gives 43,502.20

    =VLOOKUP(B13,TaxTable,2) gives 0.4

    Then the seperate calculation:
    5300 + (43,502.2*0.4) = 22,700.88
    Which should be the correct answer. So what have I done with the top calculation that is making it not play ball?

    Thanks!
    Attached Files Attached Files
    Last edited by iviv; 01-12-2012 at 07:04 PM.

  2. #2
    Forum Moderator Richard Buttrey's Avatar
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    Re: Fun with tax

    Hi,

    =VLOOKUP(B13,TaxTable,3)+(B13-(VLOOKUP(B13,TaxTable,1)))*VLOOKUP(B13,TaxTable,2)
    Richard Buttrey

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  3. #3
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    Re: Fun with tax

    Ah, thanks! I'd started adding brackets to try and get excel to behave and group them how I wanted to, didn't realise that was the problem and that I'd had too many brackets in there in the first place! :D

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