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Help with the IF Function in Excel

By mamahtm ·
Hi, I am preparing a Tax Calculator using Excel but can't get the formula right. Here's an example:

Gross annual income:
Below 1000 should be tax free
1000-2000 should pay 220
2000-3000 should pay 330
........
above 10,000 should pay 1100 etc, etc

I tried using the IF Function but still received errors. Urgent help is welcomed.

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by gsquared In reply to Help with the IF Function ...

Try this format:
=IF(A1<1000,0,(IF(A1<5000,A1*0.1,(IF(A1<50000,A1*0.2,A1*0.3)))))

This checks the value in field A1, selects 0 if the number is below 1000, multiplies by .1 if the number is between 1000 and 4999, etc.

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by gsquared In reply to Help with the IF Function ...

Try this format:
=IF(A1<1000,0,(IF(A1<5000,A1*0.1,(IF(A1<50000,A1*0.2,A1*0.3)))))

This checks the value in field A1, selects 0 if the number is below 1000, multiplies by .1 if the number is between 1000 and 4999, etc.

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by gsquared In reply to Help with the IF Function ...

Try this format:
"=IF(A1<1000,0,(IF(A1<5000,A1*0.1,(IF(A1<50000,A1*0.2,A1*0.3)))))"

This checks the value in field A1, selects 0 if the number is below 1000, multiplies by .1 if the number is between 1000 and 4999, etc.

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by RDK55 In reply to Help with the IF Function ...

You?re going to run into trouble using IF statements if you have more than seven possibilities. Your best bet is probably to set up a table with your rates and use VLOOKUP to produce your result. This will allow you to have as many calculations as you like.

It?s hard to post examples here but I can send you one if you like.

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by AyukNotna In reply to Help with the IF Function ...

Hi,

Base on your example

try this:

=IF(A4A4<1001,0,IF(A4<2001,220,330))

just replace the 0, 220, 330 with the computation you want for your rate.

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