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10-29-2019, 07:14 AM
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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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