PAY AS YOU EARN TAX CALCULATION IN EXCEL

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I am very new in this forum and i believe i can get solution to Nigeria tax computaion in excel spread sheet here. I want a fomular that will return the payable tax value in a cell once the taxable income is inserted without having to create many colums,

The tax computaion is such that the payable Tax (PT) is is charged at different rate for a particular Taxable Income (TI) e.g

Assuming Mr, A Taxable Income (TI) is 700K

1st 300,000 at 7%

Next 300,000 at 11%

Next 500,000 at 15%

Next 500,000 at 19%

Next 1,600,000 at 21%

Over 3,200,000 at 24%


Please assist urgently.

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Hi and welcome to the forum!) Please do not post in ALL CAPS, even for titles.
don (rep: 1492) Nov 28, '18 at 6:52 pm
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try

=IF(TI<=300000,TI*0.07,IF(TI<=600000,21000+(TI-300000)*0.11,IF(TI<=1100000,54000+(TI-600000)*0.15,IF(TI<=1600000,129000+(TI-1100000)*0.19,IF(TI<=3200000,224000+(TI-1600000)*0.21,560000+(TI-3200000)*0.24)))))

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Thank you so much Cathy. This worked like magic with perfection across all amounts. You may have just boosted my career growth chance by this very support.
olekachim (rep: 2) Nov 28, '18 at 2:30 pm
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