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Basic nested IF question

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%)
Any help appreciated


Excel Ninja
Your requirement is not fully clear to me. You can use something like below.

=IF(B1>700,700*0.2+(B1-700)*0.4,"Formula for values upto 700!")

Add formula in false part...