I'm trying to create a workbook to calculate insurance premium and retaliatory taxes. Louisiana uses a tax table so it's not a straight % calculation. For example premiums 0 to 6,000 the tax is $185, 6,001 to 16,000 the tax is $485, etc. The twist is millions are calculated separately and any thing 10 million and above is sperate as well. Then you add part back together.
For example:
Premium is $255,345,000
Calculation is (25 * $300,000) + (5,000,000 to 5,999,999 is $150,000) + (336,001 to 346,000 is $10,385) = $7,500,000+$150,000+$10,385 = $7,660,385
how do I get excel to break up the premium amount into the portions to look up on the different tables? 10's of millions, millions, and 0 to 1,006,000?
I have to do the same thing with a different tax table for retaliatory municipality tax.
For example:
Premium is $255,345,000
Calculation is (25 * $300,000) + (5,000,000 to 5,999,999 is $150,000) + (336,001 to 346,000 is $10,385) = $7,500,000+$150,000+$10,385 = $7,660,385
how do I get excel to break up the premium amount into the portions to look up on the different tables? 10's of millions, millions, and 0 to 1,006,000?
I have to do the same thing with a different tax table for retaliatory municipality tax.
