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=IF(B2<=14000,SUM(B2*10.5%),IF(B2<=48000,SUM(B2-14000)*17.5%+1470,IF(B2<=70000,SUM(B2-48000)*30%+7420,IF(B2>=70001,SUM(B2-70000)*33%+14020)))) |
Awesome! You are awesome. And I feel stupid - LOL - for not seeing the pattern. Thank you and have a great day.
A modified version of @inspiredearth's formula:
This includes ACC levy of 1.53% and 3% Kiwisaver.
=(($A1-SUMPRODUCT(--($A1>={1;14000;48000;70000;180000}),($A1-{0;14001;48001;70001;180001}),{0.105;0.07;0.125;0.03;0.06}))-($A1*(0.0153+0.03))
Hi all,
Just created a Google Sheet to help calculate the tax, also the ability to include deductions for Kiwisaver and ACC levy. You can add your custom values to the boxes in green.
https://docs.google.com/spreadsheets/d/1hPtxMEZgM4t4Z2_cyE-G05yDzwvaSKH_f3U48-s9B0o/edit?usp=sharing
Hi guys, thanks for this.
I found that the correct formula to calculate the edge case of exactly $14,000 etc needs to be as follows;
=SUMPRODUCT(--(A1>={0;14000;48000;70000;180000}),(A1-{0;14000;48000;70000;180000}),{0.105;0.07;0.125;0.03;0.06})
The third array contains the tax rates for the first income bracket and the incremental tax rates for each subsequent bracket.
The first tax rate in the third array is the tax rate for the first income bracket, which is 10.5%.
The second tax rate is the incremental tax rate for the second bracket, which is 7% (i.e., the difference between the tax rate for the second income bracket, which is 17.5%, and the tax rate for the first bracket, which is 10.5%).
The third tax rate is the incremental tax rate for the third bracket, which is 12.5% (i.e., the difference between the tax rate for the third income bracket, which is 30%, and the tax rate for the second bracket, which is 17.5%).
The fourth tax rate is the incremental tax rate for the fourth bracket, which is 3% (i.e., the difference between the tax rate for the fourth income bracket, which is 33%, and the tax rate for the third bracket, which is 30%).
The fifth tax rate is the incremental tax rate for the fifth income bracket, which is 6% (i.e., the difference between the tax rate for the fifth bracket, which is 39%, and the tax rate for the fourth bracket, which is 33%).
Knowing this, you should be able to adjust them accordingly, should the need arise.