danielcompton/gist:6724333

Created September 27, 2013 04:53

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Excel formula for calculating NZ tax paid on annual income.

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gistfile1.txt

=IF(B2<=14000,SUM(B2*10.5%),IF(B2<=48000,SUM(B2-14000)*17.5%+1470,IF(B2<=70000,SUM(B2-48000)*30%+7420,IF(B2>=70001,SUM(B2-70000)*33%+14020))))

danielsian commented Aug 28, 2024 •

edited

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Here's a slightly simpler version to prevent the problem mentioned by @LightspeedNZ:

=SUMPRODUCT((A1>{1;14000;48000;70000;180000})*(A1-{0;14000;48000;70000;180000}),{0.105;0.07;0.125;0.03;0.06})

Lambda limits you to one cell reference, which is a time saver:
=LAMBDA(x,SUMPRODUCT((x>{1;14000;48000;70000;180000})*(x-{0;14000;48000;70000;180000}),{0.105;0.07;0.125;0.03;0.06}))(A1)

spmp commented Nov 4, 2024

Just to add that most PAYE calculators online are incorrectly using the formula for 1st April 2025 already. If you are calculating PAYE or total tax you may need to include the ACC Earners Levy of $2,276.53 pa.

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