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Old 10-29-2019, 07:14 AM
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Marcia Marcia is offline Better formula to compute Tax from Compensation other than nested IFs Windows 7 32bit Better formula to compute Tax from Compensation other than nested IFs Office 2013
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Better formula to compute Tax from Compensation other than nested IFs
 
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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.
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Old 10-29-2019, 03:27 PM
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p45cal p45cal is offline Better formula to compute Tax from Compensation other than nested IFs Windows 10 Better formula to compute Tax from Compensation other than nested IFs Office 2019
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I think I'm earning your money for you.

Cell C3 Formula (Image link)
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Old 10-30-2019, 08:28 AM
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Marcia Marcia is offline Better formula to compute Tax from Compensation other than nested IFs Windows 7 32bit Better formula to compute Tax from Compensation other than nested IFs Office 2013
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Better formula to compute Tax from Compensation other than nested IFs
 
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Quote:
Originally Posted by p45cal View Post
I think I'm earning your money for you.
I wish
I have used index/match a few times but in very simple problems. I will now change the more than a decade old If/then formula to a smarter one. Thank you again.
Attached are the very happy beneficiaries of your generosity.
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Old 12-16-2019, 05:37 PM
Steve_R Steve_R is offline Better formula to compute Tax from Compensation other than nested IFs Windows 7 64bit Better formula to compute Tax from Compensation other than nested IFs Office 2010
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Incorporate Vlookup(). The link below explains it well
Tax Rates in Excel - Easy Excel Tutorial
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Old 12-17-2019, 03:26 PM
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Marcia Marcia is offline Better formula to compute Tax from Compensation other than nested IFs Windows 7 32bit Better formula to compute Tax from Compensation other than nested IFs Office 2013
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Better formula to compute Tax from Compensation other than nested IFs
 
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Location: Philippines
Posts: 526
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Originally Posted by Steve_R View Post
Incorporate Vlookup(). The link below explains it well
Thank you Steve. Vlookup would have been simpler to use but for the presence of the plus 30000, 140000 if taxable income is... in the formula.
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