Excel Formula Help??

[Jainam_Excel]

So I am working on this report where I have to calculate the taxes based on the Gross Profit.

I had 4 different Gross profit for 4 different Quarters. I was able to do 3 of them but not the 4th. The reason being that is because it wanted the specific thing:

Taxes are 20 % of the first $12,000.00 of Gross Profit plus 25 % of any Gross Profit in excess of $12,000.00. For example, the tax on $8,000.00 would be $1,600.00, while the tax on $15,000.00 would be $2,4000.00 + $750.00 = $3,150.00.

I have to do that and create a Formula but I am having difficulty trying to find the right formula.

So Far I have come up with different Formulas but Doesn't Work. If you can help me find the formula it would be really appreciated.

This is the Total gross profit and I have to calculate the Taxes Based on that. Please help me figure it out.

Gross Profit: $14,190.84

What I have tried so far: =If (And(E26>=12000),E26-12000,0)

Then From here I just don't know what to do. Like Please help me out as soon as possible.

 

[Trebor76]

Hi Jainam_Excel,

Welcome to MrExcel!!

Try this:

=IF(E26>=12000,12000*0.2+(E26-12000)*0.25,E26*0.2)

Regards,

Robert

 

[FryGirl]

Cross posted at: Excel Formula Help??

 

[Eric W]

Trebor's formula should work fine, but here's another option:

=MIN(E26,12000)*20%+MAX(E26-12000,0)*25%

 

[Jainam_Excel]

hi jainam_excel,

welcome to mrexcel!!

Try this:

=if(e26>=12000,12000*0.2+(e26-12000)*0.25,e26*0.2)

regards,

robert

thank you so much...........

 

[Trebor76]

thank you so much...........

You're welcome. If you can keep in mind to provide a link to any other site where you've posted the same question it would be greatly appreciated.

Robert