Help please - formula to calculate Tax

[Roger Dodger]

Hi all,

Can someone Please provide me with a formula to calculate take home pay
based on annual salary.

The tax rates are as follows,

Tax on this income

0 - $6,000
Nil tax

$6,001 - $37,000
15c for each $1 over $6,000

$37,001 - $80,000
$4,650 plus 30c for each $1 over $37,000

$80,001 - $180,000
$17,550 plus 37c for each $1 over $80,000

$180,001 and over
$54,550 plus 45c for each $1 over $180,000

I want to be able to key a value (Annual Salary) into cell A1 and know how
much tax I will have to allow for OR what the nett salary will be for my
staff.

Your help will be appreciated greatly

Roger

 

[Don Guillett]

Hi all,

Can someone Please provide me with a formula to calculate take home pay
based on annual salary.

The tax rates are as follows,

Tax on this income

0 - $6,000
Nil tax

$6,001 - $37,000
15c for each $1 over $6,000

$37,001 - $80,000
$4,650 plus 30c for each $1 over $37,000

$80,001 - $180,000
$17,550 plus 37c for each $1 over $80,000

$180,001 and over
$54,550 plus 45c for each $1 over $180,000

I want to be able to key a value (Annual Salary) into cell A1 and know how
much tax I will have to allow for OR what the nett salary will be for my
staff.

Your help will be appreciated greatly

Roger

http://networkfp.com/file/download-income-tax-calculator-2012-13-in-excel

 

[Stan Brown]

Hi all,

Can someone Please provide me with a formula to calculate take home pay
based on annual salary.

The tax rates are as follows,

Tax on this income ....
$6,001 - $37,000
15c for each $1 over $6,000 ....

I want to be able to key a value (Annual Salary) into cell A1 and know how
much tax I will have to allow for OR what the nett salary will be for my
staff.

Use VLOOKUP.

 

[Cimjet]

Hi Roger
See link attached. It's a sample file make sure its what you want.
http://cjoint.com/?BDxbj5jlxxW
Cimjet

 

[Cimjet]

OOPS..
There's a mistake in the second formula.(A3+) change the + for - as per sample
below.
=A3-IF(A3<$G$1,0,IF(A3<$H$1,(A3-6000)*$H$2,IF(A3<$I$1,(A3-37000)*$I$2+4650,IF(A3<$J$1,(A3-80000)*$J$2+17550,IF(A3>$K$1,(A3-180000)*$K$2+54550)))))