I am trying to calculate the income tax in excel using a single formula for a multi-rate tax system. At the moment, the formula is referencing the cell in the row above to get the income on which to calculate the rate.
I only have a problem with the highest bracket part of the formula:
This formula is returning
#VALUE when the cell above it contains the income tax number (use 100,000 as example).
So for this bracket, any value above 180,000 is taxed at income - 180,000 * 0.45
How do I fix this formula to return
0 for 100,000?
Thanks in advance.