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    August 11th, 2011adminIncome Tax Preparation Software

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    excel income tax formula

    what % of tax do I pay off paycheck Ontario using Excel to calculate?.


    Hello. I would like to know the % off tax that I pay off my paycheck. I am using Excel and have a formula to auto deduct my taxes, but I now need the % number to enter in my box.

    I make 16 dollars an hour. I work full time 30-40 hours a week. I get paid Bi-weekly. I get taxed the same as most everyone else here in Ontario. "CPP / EI and Federal Income Tax"

    Can someone help me calculate what % I pay of taxes so i can put it in my Excel table so it will auto calculate any future earnings for me?

    ps. I went to the government website, but it just tells me the amounts that I pay in tax, but not the overall % all in one number to enter in my Excel table.

    Thank you very much in advance.

    March 2011.

    If you already know what the amount of tax you pay and you know your monthly - take the total tax paid / total salary paid x 100 that should be your /%



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    Excel statement (IF statement)?.


    so my problem is building an if statement formula using the following data:
    A1 B1
    Net Income before Taxes 1925
    Taxes 751
    Net Profit (Loss) 1174

    So what i want to do is the following... if Net Income is <0 (less than 0) then I dont pay taxes, therefore Net Profit is = Net Income (equal to net income)

    what i had in mind was =IF(B2<0,"B2=B4","B2+B3")

    but its not correct because well.. its not working.. so.. help please? :'(

    thanks a million!

    What cell is this fomula going in?

    Assuming:
    B2 is net income
    B3 is taxes
    B4 is net profit/loss and you are calulating B4

    The fomula in B4 would be =IF(B2<0, B2,B2-B3)

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