I'm trying to calculate tax for salary up to a certain amount on a month by month basis. I created a formula that will calculate the tax and the difference once it reaches that amount, but I'm having trouble figuring out how to make it enter a zero, instead of a credit amount, once it surpasses the maximum amount.
Example:
Salary: $30,000 (A2)
Mo. Salary: $2,500 (B2-M2)
Tax: 8.6% up to $9,000 of salary (row 4)
=IF(9000*8.6%>SUM($B2:B2)*8.6%,B2*8.6%,9000*8.6%-SUM($B2:B2)*8.6%)
Example:
Salary: $30,000 (A2)
Mo. Salary: $2,500 (B2-M2)
Tax: 8.6% up to $9,000 of salary (row 4)
=IF(9000*8.6%>SUM($B2:B2)*8.6%,B2*8.6%,9000*8.6%-SUM($B2:B2)*8.6%)