Thread: Better formula to compute Tax from Compensation other than nested IFs
View Single Post
 
Old 10-29-2019, 07:14 AM
Marcia's Avatar
Marcia Marcia is offline Windows 7 32bit Office 2013
Expert
  
Join Date: May 2018
Location: Philippines
Posts: 527
Marcia has a spectacular aura aboutMarcia has a spectacular aura aboutMarcia has a spectacular aura about
Default Better formula to compute Tax from Compensation other than nested IFs
Hi everyone. This is my formula in computing the tax due from each employee based on the attached tax table. Is there a neater way of coming up with the same results without the so many nested IFs?
=IF(NetTaxInc>8000000,(2410000+0.35*(NetTaxInc-8000000)), IF(NetTaxInc>2000000,(490000+0.32*(NetTaxInc-2000000)),
IF(NetTaxInc>800000,(130000+0.3*(NetTaxInc-800000)),
IF(NetTaxInc>400000,(30000+0.25*(NetTaxInc-400000)),
IF(NetTaxInc>250000,(0.2*(NetTaxInc-250000))
IF(NetTaxInc<=250000,0))))))
Thank you. BTW the amounts are in Pesos currency not Dollars.
Attached Images
File Type: png IncomeTax.png (115.3 KB, 26 views)
Reply With Quote