Question
EXCEL FORMULA HELP! I am trying to find a formula to calculate tax for the co-workers, to figure out how much they bank annually. There
EXCEL FORMULA HELP!
I am trying to find a formula to calculate tax for the co-workers, to figure out how much they bank annually. There is different tax rates depending on annual salary.
There is a Fixed Tax plus a tax percentage of everything above the bottom-bracket, but not over the next bracket.
see example of table below.
The sheet is massive, so I need a formula, probably a LOOKUP-formula, to drag down and to have excel figure out how much tax they are paying.
They pay tax on salary + bonus + comission. I am not allowed to make a new column with PRE-tax income.
Thanks!
| Tax Table | |||||||
| Yearly income brackets | Fixed Tax | Tax Percentage | |||||
| From zero to $18.000 | $ - | $ - | 0% | ||||
| $ 18 000 | $ - | 19% | No fixed tax, just percentage | ||||
| $ 35 000 | $ 3 000 | 30% | $3000 FIXED tax, PLUS 30% on every $1 above | ||||
| $ 85 000 | $ 18 000 | 35% | etc... | ||||
| $ 180 000 and above | $ 50 000 | 45% | |||||
| JOB | ANNUAL SALARY | BONUS | COMISSION | INCOME TAX | |||
| Cellphone repair | $ 52 870,00 | $ 4 627,35 | |||||
| Accountant | $ 52 871,00 | $ 4 627,35 | $ 4 322,00 | ||||
| Manager | $ 87 230,00 | $ 17 203,00 | $ 7 323,00 | ||||
| Marketing | $ 98 654,00 | $ 8 965,00 | $ 2 078,00 | ||||
| HR Consultant | $ 52 874,00 | $ 2 459,00 | $ 700,00 | ||||
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Rehabilitation Tax Credit IRS Audit Techniques Guide
Authors: Internal Revenue Service
1st Edition
1304114686, 978-1304114686
