What IF statement would I need to right to calculate taxes greater and less than 30,000$?

Question

The answer must be in microsoft excel

if less than $30,000 tax is 20% if greater than $30,000 tax is 30% and exemptions are $2550

if less than $30,000 tax is 20% if greater than $30,000 tax is 30% and exemptions are $2550
And I don't know the formula to enter this in the function section of microsoft excel

Answer 1

e-mail me and I can e-mail you back an excel formula for that. I have an excel IF formula that calculates corporate federal taxes for an income tax accrual.

Answer 2

I think you mean if you are using Excel Basic and you meant to use the word "write" as in to put pen to paper and write a letter?

Your question is not clear on what you want to do. In any version of BASIC, the IF statement is a conditional. IF a condition exists, then do something A else do something B. Something A is done if the condition is true.

Let's say the tax rate for 30000 and below is 7.5% and the rate for more than 30000 is 5%

You can test the condition and calculate like this:::

IF (X > 30000) THEN (
Y=X*1.05
) ELSE (
Y=X*1.075
)

Condition test (X > 30000)
If condition is TRUE do this (Y=X*1.05)
if condition is FALSE do this (Y=X*1.075)

In this statement, X is the input amount. If the input amount is over 30000, then Y equals 1.05 times the input, adding 5%. However, if the input is less than or equal to 30000, the output is 1.075 times the input adding 7.5% Thus using a different rate of tax depending on the input amount. I leave the rest as an exercise for the reader since you did not explain enough detail for me to give you a detailed answer, which sounds suspiciously like a homework problem...

EDIT:

OK, you added some detail, so I will revise my conditional IF statement as follows:

IF ((X-2250)>30000) THEN (
Y=(X-2250)*1.3
) ELSE (
Y=(X-2250)*1.2
)

X=input amount
Y=output amount

Your question states what happens if greater or less than 30000, but not what happens if exactly equal to 30000? My IF statement lumps
30000 in with less than at 20%. Exemptions as a general rule are subtracted before calculating the tax on the result, which is what I do in my statements. Note the parentheses which determine the order of precedence to make sure the exemption amoount is subtracted before testing the condition and calculating the tax.

Answer 3

For IRS return if your taxes are less than $30,000 or more than $30,000 you do not need to file any statement. On your adjusted gross income, just tax table to figure out the federal tax.

Answer 4

I think you need to be a little more clearer on your question.

There are probably different %, if it is income taxes. We need variables.

Answer 5

go to function, set up an if scernio. if one meets, then gives a percent, if dont, meets other. just a simply example