IT Apps SAC Help, Adding TAX

[diintzke]

Hey guys in the middle of my IT Sac atm, and part of it requires me to add up a total yearly profit, then deduct tax from it using the ato tax laws.
does anyone know how i can make a vlookup table in order to add up the tax?

thanks heaps,
mat

[Lasercookie]

Being a bit lazy, but my solution that I attached to this post outlines how I would approach calculating tax: Re: Tax brackets (Excel). The VLOOKUP table is based on ATO 2010-2011 rates.

The VLOOKUP table is an adaptation of this: "$17,550 plus 37c for each $1 over $80,000"
Base tax is the $17,550, minimum is the "$80,000" and the rate is "0.37" or "37%"

You would defintely want to and edit the formulas that call the VLOOKUP table though - they're a bit messy. If you're teacher is marking you on the quality of the formulas then you would definitely lose marks if you used them as is. I couldn't think of a good name for "more tax" - it basically just calculates the tax for the 0.37c per dollar over 80,000 type stuff. You could probably hide those columns used for calculation if needed (combining them all into one formula would be horrific).

I've attached a screenshot of it here, the actual excel file is in the post linked.