Using the IF Function for tax tables. Please help me I am stuck. I am trying to

Question

Using the IF Function for tax tables.

Please help me I am stuck. I am trying to calculate the tax payable using a tax table thats a bit different from the US tax table.

It looks like:

0-132000            18%

132001-210000   25% + 23760 of the amt over 132000

210001-290000 30% + 43260 of the amt over 210000

290001-410000 35% +67260 of the amt over 290000

410001-525000 38% + 109260 of the amt over 410000

525001+            40% + 152690 of the amt over 525000

Please help me with nesting muliple IF functions to calculate the tax payable given that tax table.

Thank you.

Explanation / Answer

........I prefer the VLOOKUP approach myself (when implemented correctly :->). It lends itself well to having multiple tax tables, as may be useful in the US for computing income tax withholding.

Nevertheless, for completeness, here is a solution that avoids nested IFs and it avoids constructing a constant array of differential percentages for SUBPRODUCT:

=MAX(0,A1*18%,(A1-132000)*25%+23760,(A1-210000)*30%+43260,(A1-290000)*35%+67260,(A1-410000)*38%+109260,(A1-525000)*40%+152690)

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