![]() Table_Array: A range of two or more columns that comprises your data.For instance, this might be a contact’s name, a part number, or in Figure 1, an income tax rate. Lookup_Value: The value that you’re searching for within a table.First, let’s discuss the VLOOKUP function, which has 4 arguments: This is an ideal function to use when you need a formula to return a marginal tax rate, as shown in Figure 1. A similar function, called HLOOKUP, looks across rows, but for this article I’ll only focus on VLOOKUP. Next month, in part 2 of this series, I’ll show you how to condense all four tables into one, and use the MATCH and INDEX functions instead of VLOOKUP.Ĭlick here to download the accompanying Income Tax Calculator spreadsheet.Īs you might infer, VLOOKUP performs vertical look-ups, which means it looks at columnar ranges. ![]() ![]() I’ll then show you how to use Excel’s INDIRECT function make your VLOOKUP formula refer to the proper table based on your choice of filing status in an adjacent worksheet cell. In part 1 of this two-part series I’ll explain how to use the VLOOKUP formula to cross-reference tax rates from a single table. However, income tax calculations in particular can become tricky, as your formula also needs to refer to one of four different tables. This enables you to quickly run through various scenarios with your clients by simply changing the taxable income value. Instead of manually linking to a worksheet cell, such as =A2, a look-up formula allows you to provide a criteria, such as taxable income, and have the formula automatically return the proper tax rate. Look-up formulas are one of Excel’s most powerful features.
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