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Calculate Tax

One document outlines a progressive tax system for a society with average annual income of $25,000, applying rates from 0% to 100% across income tiers from $0

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Philipp Wiegand
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38 views8 pages

Calculate Tax

One document outlines a progressive tax system for a society with average annual income of $25,000, applying rates from 0% to 100% across income tiers from $0

Uploaded by

Philipp Wiegand
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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€ 5,000.00 Income € 925.

00 Tax
€ 0.00 0.00% 18.50% € 0.00
€ 25,000.00 20.00% -0.50%
€ 125,000.00 25.00% -0.50% 4625
€ 375,000.00 30.00% -0.50% 18000
€ 500,000.00 35.00% -0.50% 175
€ 750,000.00 -0.50% 22800
€ 1,250,000.00 -0.50%
0-19,500 tax at 0% 0 0
19,501 - 28000 tax at 20% 11500 20%
28,801 - 36,300 tax at 25% 45000 20%
36,301 - 60,000 tax at 30% 150000 5%
60,001- Above tax at 35%

Taxable Income Marginal


Low Threshold High Threshold tax rate
$ 0 $ 6,000 0%
$ 6,001 $20,000 17%
$20,001 $50,000 30%
$50,001 $60,000 42%
$60,001 and over 47%

SUMPRODUCT(--(A1>{6000;20000;50000;60000}), (A1-{6000;20000;50000;60000}), {0.17;0.13;0.12;0.0


00}), {0.17;0.13;0.12;0.05})
4% on the first $10,000 of taxable income. 20000
6% on taxable income between $10,001 and $40,000.
7% on taxable income between $40,001 and $60,000
8.5% on taxable income between $60,001 and $350,000.
8.95% on taxable income of $350,001 and above.

First £250,000 = Fee of 0.85% 0 0.85%


Next £250,000 = Fee of 0.70% £250,000 -0.15%
Next £500,000 = Fee of 0.60% £500,000 -0.10%
Next £1,500,000 = Fee of 0.45% £1,000,000 -0.15%
Next £2,500,000 = Fee of 0.25% £2,500,000 -0.20%
Next £5,000,000 = Fee of 0.15% £5,000,000 -0.10%
Above £10,000,000 = Fee of 0.10% £10,000,000 -0.05%

http://www.mcgimpsey.com/excel/variablerate.html
SUMPRODUCT(--(A1>{6000;20000;50000;60000}), (A1-{6000;20000;50000;60000}), {0.17;0.13;0.12;

1000

Amount 100,000,000 Check Calculation


Fee 117375 £250,000.00 0.85% 2125
£250,000.00 0.70% 1750
£500,000.00 0.60% 3000
£1,500,000.00 0.45% 6750
£2,500,000.00 0.25% 6250
£5,000,000.00 0.15% 7500
£10,000,000.00 0.10% 90000
117375
0}), {0.17;0.13;0.12;0.05})
Average annual $25,000
income of society
Marginal Check Computation
Taxable Income Tax Rate Income Tier Tax Payable
$0 - $12,500 0% $12,500 $0
$12,501 - $25,000 10% $12,500 $1,250
$25,001 - $50,000 20% $25,000 $5,000
$50,001 - $75,000 30% $25,000 $7,500
$75,001 - $100,000 40% $25,000 $10,000
$100,001 - $125,000 50% $25,000 $12,500
$125,001 - $150,000 60% $25,000 $15,000
$150,001 - $175,000 70% $25,000 $17,500
$175,001 - $200,000 80% $14,945 $11,956
$200,001 - $250,000 50% $0 $0
$250,001 - Unlimited 100% $0 $0
$189,945 $80,706
Taxable income $189,945
Tax payable $80,706

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