danielcompton/gist:6724333

Created September 27, 2013 04:53

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Excel formula for calculating NZ tax paid on annual income.

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gistfile1.txt

=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))))

LightspeedNZ commented May 28, 2024

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})

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