8/8/2019 Income Tax Calculator Sample

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8/8/2019 Income Tax Calculator Sample

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ultiple tax brackets (alsofault tax brackets, but you

automated and user input isax percentages.

eve created this sample totemplate. You will thereforehe template can only bewebsite.

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Excel Skills | Income Tax Calculation TemplateInstructions

The template includes two sheets:

Tax Brackets Setup

Income Tax Calculation

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This template enables users to perform income tax calculations based on multiple tax brackets (als

referred to as a sliding income scale). The template design incorporates six default tax brackets, but yocan add additional tax brackets if required. All the income tax calculations are automated and user input ilimited to defining the appropriate tax bracket values and income tax percentages.

TaxCalc - this sheet contains the income tax brackets and enable users to perform income tax calculationby simply entering the appropriate monthly remuneration amount.

Monthly - this sheet enables users to perform monthly income tax calculations based on variable monthlremuneration amounts.

Our default tax bracket setup provides for six tax brackets in the cell range from cell A3 to cell E9. All thcells with a light green cell background contain formulas and the cells with a light yellow cell backgroun

require user input.

If the six default tax brackets are sufficient for your income tax calculations, all you need to do is to entethe appropriate tax bracket values in column B and the appropriate income tax percentages that relate t

each tax bracket in column C. The other cells in the tax bracket cell range will be updated automatically anthe income tax calculation from row 13 to 16 will automatically be calculated from the values that you'v

entered.

If you require more than six income tax brackets for your calculation, simply insert the required number

additional rows anywhere between row 4 and 9. Then copy the formulas from one of the existing cells icolumns A, D and E (the cells with the light green cell background) in order to update the tax brackformulas. After entering the appropriate tax bracket values and income tax percentages, your tax brack

setup will be adjusted and will now consists of more than six tax brackets. The income tax calculations aralso automatically updated.

Users also have to specify the total rebates amount in cell B11. This amount is deducted after calculatin

the income tax that is applicable to the specified remuneration amount and has the effect of reducing theffective income tax rate.

The only user input that is required in order to perform an income tax calculation is to specify a grosmonthly remuneration amount in cell B16. The annual remuneration, annual income tax, monthly incomtax, annual & monthly net remuneration and the effective income tax percentage are all calculated base

on the amount that is specified in this cell.

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8/8/2019 Income Tax Calculator Sample

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Excel Skills | Income Tax Calculation TemplateInstructions

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Monthly Income Tax Calculations

Help & Customization

The Monthly sheet contains a monthly income tax calculation that can be performed by simply entering thappropriate gross monthly remuneration amounts in column B. You can also specify a Start Date in cell B

in order to change the month end periods in column A.

An annual gross remuneration equivalent, cumulative income tax amount and monthly income tax amoun

are calculated based on the monthly remuneration amounts that are entered in column B.

These calculations are especially useful if the monthly remuneration is variable and enables the user tcalculate the monthly income tax that needs to be deducted under these circumstances.

If you experience any difficulty while using this template and you are not able to find the appropriat

guidance in these instructions, please e-mail us at support@excel-skills.com for assistance. This templathas been designed with flexibility in mind to ensure that it can be used in most business environments. I

however you need an Excel based template that is customized specifically for your business requirementplease e-mail our Support function and provide a brief explanation of your requirements.

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On this sheet:

This sheet includes detailed instructionson setting up and using this template.

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8/8/2019 Income Tax Calculator Sample

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Income Tax Calculator

Income Tax Brackets Tax Rate Effective Rate

From 0 to 140,000 140,000 18.0% 25,200 18.0%

From 140,000 to 221,000 221,000 25.0% 45,450 20.6%From 221,000 to 305,000 305,000 30.0% 70,650 23.2%

From 305,000 to 431,000 431,000 35.0% 114,750 26.6%

From 431,000 to 552,000 552,000 38.0% 160,730 29.1%

From 552,000 and above 40.0%

Total Rebates 10,260

Income Tax Income Tax %

Annual Remuneration 240,000 40,890 199,110 17.0%

Monthly Remuneration 20,000 3,408 16,593 17.0%

2010 Excel Skills (www.excel-skills.com)

Tax Bracket

Value

Equivalent

Value

Gross

Remuneration

Net

Remuneration

On this sheet:

Define the appropriate tax brackets, enter the rebatesamount and then simply specify the appropriate gross

monthly remuneration to calculate the annual and monthlyincome tax amounts.

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Monthly Income Tax Calculation

Start Date 3/1/2010

Month

March-2010 20,000 240,000 3,408 3,407.50

April-2010 18,000 228,000 6,215 2,807.50

May-2010 20,000 232,000 9,623 3,407.50

June-2010 20,000 234,000 13,030 3,407.50

July-2010 20,000 235,200 16,438 3,407.50

August-2010 25,000 246,000 21,345 4,907.50

September-2010 20,000 245,143 24,753 3,407.50

October-2010 17,000 240,000 27,260 2,507.50

November-2010 20,000 240,000 30,668 3,407.50

December-2010 32,000 254,400 37,675 7,007.50

January-2011 20,000 253,091 41,083 3,407.50February-2011 22,000 254,000 45,090 4,007.50

2010 Excel Skills (www.excel-skills.com)

Monthly

Remuneration

Annual

Equivalent

Cumulative

Income Tax

Monthly

Income Tax

On this sheet:

Enter the appropriate gross monthly remuneration amounts in order tocalculate the monthly income tax amounts. The start date can be editedto adjust the monthly periods. This calculation sheet is ideal for variable

monthly remuneration amounts.