Hello everyone

Here's the outline. I have been told to use this to calculate tax: When calculating the tax, assume that the monthly gross profit taxed @ 20% for the first $20,000 then 30% for the remainder of gross profit.

The monthly gross profit is $20,153 (C14) and the tax table (table7) is below:

[TABLE="width: 363"]

[tr]

[TD="align: center"]Taxable Income[/TD]

[TD="align: center"]Fixed Tax[/TD]

[TD="align: center"]Marginal Tax Rate[/TD]

[TD="align: center"]0[/TD]

[TD="align: center"]0[/TD]

[TD="align: center"]0.2[/TD]

[TD="align: center"]20000[/TD]

[TD="align: center"]3999.8[/TD]

[TD="align: center"]0.3[/TD]

[/TABLE]

I don't know how to calculate the 20% of the first $20,000.

This is what I have done for the fixed rate: VLOOKUP(C14,Table7,2,TRUE) which gave me 3999.8

and for the 30% of the remainder ($153) I did: (C14-VLOOKUP(C14,Table7,1,TRUE))*VLOOKUP(C14,Table7,3,TRUE) which gave me 45.90

Is there a simpler way to do all this? And can IF function be used along with VLOOKUP at all? Thanks in advance

Faye

Additional info: I also need to allow the formula to show an operational loss (i.e. profit < $0), what does that mean?

Note: All formulae must contain VLOOKUP.