Customize using your filing status, deductions, exemptions and more. Then the same for NIC using the NIC bands. Maine Income Tax Calculator - SmartAsset Find out how much you'll pay in Maine state income taxes given your annual income. Tax at 45% x (to calculate the amount if income taxable at 45% - Income over £150000) £ (tax due would then be calculated by multiplying x by 45%) Tax at 40% x (to calculate the amount if income taxable at 40% - between £37501 and £150000) £ (tax due would then be calculated by multiplying x by 40%) Tax at 20% x (to calculate the amount if income taxable at 20% - up to £37500) £ (tax due would then be calculated by multiplying x by 20%) Total taxable income Cell B6 (for example)
We calculate the penalty based on: The amount of the underpayment.
The tax shown on the return is your total tax minus your total refundable credits. I am looking to put formulas into the below x cells: We calculate the amount of the Underpayment of Estimated Tax by Individuals Penalty based on the tax shown on your original return or on a more recent return that you filed on or before the due date.
I have searched formulas on different threads and most seem to give formulas based on calculating all of the tax due in one formula, rather than splitting it out into the different bands. Hi all, I am a newbie to complex formulas in excel and I am trying to put together a tax and NIC calculator for 2020/21.
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