Try this, assuming income is in A1:
= 15% * MIN(A1,50000) + 25% * MAX( 0, MIN(A1-50000, 25000) ) + 34% * MAX( 0, MIN(A1-75000, 25000) ) + 39% * MAX(0, A1-100000)
I am wanting to set up a formula on a spreadsheet that will take the year end income and determine federal income tax. Example: if value =<50000 then mutiple by 15%, if value is between 50000-75000 then the first 50000 is taxed at 15% and the amount between 50000-75000 is taxed at 25%, if value is between 75000-100000 then first 50000 is taxed at 15%, the next 25,000 is taxed at 25% and the remaining is taxed at 34%. if value is greter than 100000 then same applies as before and all value over 100000 is taxed at 39%.
My brain exploded working on this so if anyone can figure it out that would be great,
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