## How to Calculate Tax Rates in Excel

This example teaches you how to calculate the tax on an income using the VLOOKUP function in Excel. The following tax rates apply to individuals who are residents of Australia. Taxable income Tax on this income 0 – $18,200 Nil $18,201 – $37,000 19c for each $1 over $18,200 $37,001 – $87,000 $3,572 plus 32.5c for each $1 over $37,000 …