Noel Lackey
Member
Hi Folks,
I have been away from Excel for a while and have to create a Compound IF formula for the following:
Income is €1234.00
Tax Free Allowance is €700.00
Tax at 20% is payable on the 700 and all income above the €700 is taxed at 40%.
Once this figure is arrived at then we subtract your allowance of €40 from the final figure and hey presto you’ve how much tax you pay.
What I have so far is =IF(B1>700,B1*40%,B1*20%)
B1=1234.00
Any help appreciated
Thanks,
Noel
I have been away from Excel for a while and have to create a Compound IF formula for the following:
Income is €1234.00
Tax Free Allowance is €700.00
Tax at 20% is payable on the 700 and all income above the €700 is taxed at 40%.
Once this figure is arrived at then we subtract your allowance of €40 from the final figure and hey presto you’ve how much tax you pay.
What I have so far is =IF(B1>700,B1*40%,B1*20%)
B1=1234.00
Any help appreciated
Thanks,
Noel