Hi - Dave here.
Happy Friday!
Last week, I shared a formula to calculate tax brackets with a formula in Excel.
However, I did
not include a way to easily change the taxpayer status (e.g., married vs. single), which affects how taxes are calculated.
This week, I've updated the worksheet to allow dynamic selection of taxpayer status. Now, when a different status is selected, the correct rates are fetched from a master tax rate table:
[
Download the workbook and read the full explanation]
The updated workbook includes a master tax rate table and new formulas to retrieve the relevant columns from the table based on taxpayer status, which is a dropdown list. It has both "modern" formulas that require a current version of Excel and "traditional" formulas that will work in any version. I've also updated the article to explain how these formulas work. Download the worksheet to see how it works.
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Have a great weekend!
Dave
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