Better formula to compute Tax from Compensation other than nested IFs

Marcia · #1 10-29-2019, 07:14 AM

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.

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