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Solved: Need a formula for Excel

934 Views 4 Replies 3 Participants Last post by  steveginthekeys
Can someone give me the formula to solve the following problem.

I need 5% of a number until the total reaches 5000 then I need 2.5% of everything over that amount.

Example:

150000 should equal 6,250

The first 100000*5% would equal 5000
everything over 5000 is taxed at 2.5% so
50,000 * 2.5% = 1,250

Thanks for your help.
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Steve, welcome to the forum. :)

Could you attach a spreadsheet with dummy data showing what you are trying to achieve?
=IF(A1 <100000.01,A1*0.05,5000+(A1-100000)*0.025)

IE if A1 is 100000 or less the value in the cell will be A1*.05
Otherwise the value in the cell is 5000 plus (A1 - 100000) * .025
Thank you so much for taking time to respond. As I sat tonight and thought about it I finally got all the symbols in the right place and came up with the following If statement.

=IF(D20>100000,(((D20-100000)*0.025)+5000),(D20*0.05))

Total brain freeze!

Thanks again for your offer to help
Thank you so much for your help!!
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