M
MZ
I am trying to make a single formula that will calculate a person's taxable
income assuming the six different marginal tax rates that range from 10% to
35%, as income increases
For a single taxpayer, the marginal tax rates and the associated income
amounts are:
10% up to $8,350
15% up to $33,950
25% up to $82,250
28% up to $171,550
33% up to $372,950
35% over $372,950
I am using "IF" statements to test for each marginal tax rate.
I began the formula as follows, but it returns a value error.
Cell D36 is the taxpayer's income
=IF(D36<=8350,D36/10),IF(AND(D36>8350,D36<=D31),SUM(D36/10,D36/6.666))
Also, is the only way to multiply by a percentage to make a fraction with
the denominator the value of the percentage - e.g. 6.666 is 15%?
Thank you
income assuming the six different marginal tax rates that range from 10% to
35%, as income increases
For a single taxpayer, the marginal tax rates and the associated income
amounts are:
10% up to $8,350
15% up to $33,950
25% up to $82,250
28% up to $171,550
33% up to $372,950
35% over $372,950
I am using "IF" statements to test for each marginal tax rate.
I began the formula as follows, but it returns a value error.
Cell D36 is the taxpayer's income
=IF(D36<=8350,D36/10),IF(AND(D36>8350,D36<=D31),SUM(D36/10,D36/6.666))
Also, is the only way to multiply by a percentage to make a fraction with
the denominator the value of the percentage - e.g. 6.666 is 15%?
Thank you