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Monday, March 26, 2018

How To Create Income Tax Calculation Excel Worksheet

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Microsoft Excel may be used to prepare employee pay sheet with Basic pay, medical allowance, conveyance allowance, house rent and income tax entries. Each of the mentioned entries in worksheet will be calculated automatically using functions and custom formulas applied to required cells in worksheet.
income tax calculation employees formulas excel
Income Tax calculation Formulas Calculate pay of employee using income tax in Excel
After entering the sample data in the worksheet, following formulas will be applied:

Q: Create an MS Excel Worksheet to calculate Net Pay of Employees. Input is EmpID, Name, Job
 and Basic Pay. Fill sample data in it as shown in the figure. Calculate Medical Allowance 10% of basic pay, House Rent 50% of basic Pay and Conveyance Allowance 30% of basic pay. Deduct income tax 5% of basic pay if basic pay is less than 30000 and income tax 10% otherwise.
BASIC FORMULAS:
Medical Allowance = D3 * 10%
House Rent                = D3 * 50%
Conveyance Allowance = D3 * 10%
Income Tax   = IF(D3<30000,D3*5%,D3*10%)
Net Pay  = SUM(D3:G3)-H3

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