[FONT="]Hello Experts,[/FONT]
[FONT="]I am working on exemption formula which exempts first 50,000 dollars and as soon as that 50,000 is reached the excess amount is subject to tax.[/FONT]
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[FONT="]Now issue is how do I built this formula to keep track of exemption_used, exemption_balance & subject_to_tax_amount columns. Keeping in mind if there is a reversal the exemption available should automatically be updated.[/FONT]
[FONT="]Looking for help ![/FONT]
[FONT="]Thanks,[/FONT]
[FONT="]I am working on exemption formula which exempts first 50,000 dollars and as soon as that 50,000 is reached the excess amount is subject to tax.[/FONT]
[FONT="]
Semi_Monthly_Income | Exemption_for_Yr | Exemption_Used | Exemption_Balance | Subject_to_Tax_Amount | Tax_Rate | Tax_Amount | Payment # |
30,000 | 50,000 | 50,000-30,000 | 20,000 | 0.00 | 2% | 0.00 | 1 |
30,000 | 50,000 | 20,000-30,000 | 0.00 | 10,000 | 2% | 200 | 2 |
30,000 | 50,000 | 0.00-30,000 | 0.00 | 30,000 | 2% | 600 | 3 |
[FONT="]Now issue is how do I built this formula to keep track of exemption_used, exemption_balance & subject_to_tax_amount columns. Keeping in mind if there is a reversal the exemption available should automatically be updated.[/FONT]
[FONT="]Looking for help ![/FONT]
[FONT="]Thanks,[/FONT]