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Calculating Income Tax

Question asked by FMNewbie on Jul 26, 2011
Latest reply on Jul 27, 2011 by philmodjunk

Title

Calculating Income Tax

Post

Hi folks...
I know there has to be a way to do this using either CASE or IF statements but I'm going in circles here.  I need to create a field that will  calculate CURRENT INCOME TAX DEDUCTIONS base on the following tax rates:

15% on the first $41,544 of taxable income, PLUS...
22% on the next $41,544 of taxable income (on the portion of taxable income between $41,544 and $83,088), PLUS...
26% on the next $45,712 of taxable income (on the portion of taxable income between $83,088 and $128,800), PLUS...
29% of taxable income over $128,800.

Also, that "taxable income" needs to be a YTD GROSS INCOME calculation field that will total CURRENT EARNINGS with the YTD GROSS INCOME value from the preceding record.  I've tried to do this with the following calcluation but it just gives me a ? in the field.  I suspect I needs to be tweaked so it stops looking at the first  record but I'm not sure how you do this as a calculated value.

CURRENT EARNINGS + (GetNthRecord ( YTD GROSS INCOME; Get(RecordNumber)-1))

I've looked on the forum but I can't find anything similar to this problem though I'm sure I'm not the first one to try to calculate income tax on an employee pay sheet. 
Any help would be much appreciated.  Gotta love income tax law..... Undecided

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