Formula for PAYE Slabs

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Kancharla ANIL (Querist)
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07 July 2022 Dear All,

Kindly help me in in the formula for PAYE calculation. I tried to write the formula using IF condition, 1st and 3rd Slabs its working fine but 2nd slab its giving wrong figure.

PAYE SCALE %
0 - 24,000.00 10% 0 2,400.00
24,001.00 - 32,333.00 25% 1 854.00
32,334.00 - 30% 0 -
3,254.00

=IF(C224000,C232333,(24000*0.1)+(8333*0.25)+(C2-24000-8333)*0.3)))

Regards

Kancharla Anil

Asha Kanta Sharma online

Asha Kanta Sharma

(Expert)
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07 July 2024 The formula for calculating PAYE (Pay As You Earn) tax in Excel is corrected to include IF statements for income ranges and fixed amounts. The formula checks if the income is less than or equal to 24,000. If it is, it calculates PAYE as 10% of the income. If it is greater than 24,000. If it is, it calculates PAYE as a fixed amount from the first two slabs plus 30% of the income exceeding 32,333. The formula assumes income values are inclusive of the upper limit of each slab.