So I am working on this report where I have to calculate the taxes based on the Gross Profit.



I had 4 different Gross profit for 4 different Quarters. I was able to do 3 of them but not the 4th. The reason being that is because it wanted the specific thing:

Taxes are 20 % of the first $12,000.00 of Gross Profit plus 25 % of any Gross Profit in excess of $12,000.00. For example, the tax on $8,000.00 would be $1,600.00, while the tax on $15,000.00 would be $2,4000.00 + $750.00 = $3,150.00.

I have to do that and create a Formula but I am having difficulty trying to find the right formula.

So Far I have come up with different Formulas but Doesn't Work. If you can help me find the formula it would be really appreciated.

This is the Total gross profit and I have to calculate the Taxes Based on that. Please help me figure it out.

Gross Profit: $14,190.84

What I have tried so far: =If (And(E26>=12000),E26-12000,0)

Then From here I just don't know what to do. Like Please help me out as soon as possible.