Income Tax Payable from table with escalating marginal percentage rates.
I am relatively new to formulas & functions and am stumpted by the
following:
I have a problem I cannot solve. I want to input a "Taxable
Income" (to the dollar) in cell A2 and have an output cell A3 which
displays "Combined Fed + Prov Tax Payable" (again , to the dollar).
This output would be derived from the table below after inputting a $
amount in A2.
(Cell A4:Tax Bracket) From To (Cell_D4:Combined Marg Fed+Prov TaxRate)
1 $0.00 $8,012.00 0.00%
2 $8,013.00 $35,000.00 22.05%
3 $35,001.00 $60,000.00 31.50%
4 $60,001.00 $65,000.00 32.98%
5 $65,001.00 $70,000.00 39.39%
6 $70,001.00 $110,000.00 43.40%
7 $110,001.00 and above 46.40%
-You should put your table as
0 0.00%
8,013.00 22.05%
35,001.00 31.50%
60,001.00 32.98%
65,001.00 39.39%
70,001.00 43.40%
110,001.00 46.40%
(ie you don't need the 'To' column) in eg, range C20:D26
and use a VLOOKUP formula, eg =IF(A2