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  #6  
Old 12-19-2007, 01:49 AM
John Kohl
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Default Re: Tax Formula?

Have you tried this one? It's been very accurate for my uses:

http://www.taxvisor.com/taxes/index.html

--
==John Kohl <jtk[at]kolvir.arlington.ma.us
  #5  
Old 12-17-2007, 01:27 AM
Fred Williams
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Default Re: Tax Formula?

On Dec 16, 6:17 am, Herb Smith <smithf...[at]aol.com> wrote:
- quote -

> On Dec 15, 8:10�pm, MWAZ <mwas...[at]gmail.com> wrote:
> > I'd like to create an excel spreadsheet to calculate my federal tax
> > this year. What is the appropriate formula that is used to generate
> > the 2007 1040 tax table (married filing jointly). Is there a site that
> > discusses this?

> What do you think this is? 1982?
> For less than $50 you can BUY a tax preparation program that will run
> circles around anything you could concoct with an Excel spreadsheet,
> and won't take 100 or more hours of your time to debug and run.


you can even get free tax programs like www.taxact.com
but I suppose if you like the thrill of programming it could be done
but chances are you would miss some obscure tax code calculation






  #4  
Old 12-17-2007, 01:26 AM
joeu2004
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Default Re: Tax Formula?

On Dec 15, 8:10 pm, MWAZ <mwas...[at]gmail.com> wrote:
- quote -

> I'd like to create an excel spreadsheet to calculate my federal tax
> this year. What is the appropriate formula that is used to generate
> the 2007 1040 tax table (married filing jointly). Is there a site that
> discusses this?


To answer you last question first: microsoft.public.excel.misc
would be one appropriate newsgroup in which to post the question.

I used to use Excel to prepare the numbers for my tax returns. But
I agree with the comments that you would be better off buying
TurboTax, TaxCut or something of that ilk.

Having said that, in order to compute federal tax for MFJ based on
taxable income (line 43 in the 2007 Form 1040) in A1:

=max(A1*10%, 1565+(A1-15650)*15%, 8772.50+(A1-63700)*25%,
24972.50+(A1-128500)*28%, 43830.50+(A1-195850)*33%,
94601+(A1-349700)*35%)

There is a shorter equivalent formula. But I prefer this form because
it can be constructed directly from the schedule.

  #3  
Old 12-17-2007, 01:26 AM
D. Stussy
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Default Re: Tax Formula?

"joetaxpayer" <joetaxpayer[at]nospam.com> wrote in message
news:FY6dnWljZO1IO_nanZ2dnUVZ_qPinZ2d[at]comcast.com...
- quote -

> MWAZ wrote:
> > I'd like to create an excel spreadsheet to calculate my federal tax
> > this year. What is the appropriate formula that is used to generate
> > the 2007 1040 tax table (married filing jointly). Is there a site that
> > discusses this?

> see http://www.fairmark.com/refrence/2007reference.htm
> It shows the rates, Standard Deduction and Exemptions, among other
> numbers. Excellent source of info.
> JOE


Using the tax rate schedule, the tax table is generated by using the tax
(rounded to the nearest dollar) for the exact middle of the range. The
table is in $50 range increments for $3k-$100k, $25 increments for $25-$3k,
and $1 increments below $25 (grouped together by the resulting amount).

Example: A taxable income of $33,282 is in the range of 33,250-33,300, and
has a tax computed as if it were a TI of $33,275 (the middle of the range).


  #2  
Old 12-17-2007, 01:25 AM
MWAZ
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Posts: n/a
Default Re: Tax Formula?

On Dec 15, 9:17 pm, joetaxpayer <joetaxpa...[at]nospam.com> wrote:
- quote -

> MWAZ wrote:
> > I'd like to create an excel spreadsheet to calculate my federal tax
> > this year. What is the appropriate formula that is used to generate
> > the 2007 1040 tax table (married filing jointly). Is there a site that
> > discusses this?

> seehttp://www.fairmark.com/refrence/2007reference.htm
> It shows the rates, Standard Deduction and Exemptions, among other
> numbers. Excellent source of info.
> JOE


That'll do it. Thanks Joe

  #1  
Old 12-16-2007, 10:17 AM
Herb Smith
Guest
 
Posts: n/a
Default Re: Tax Formula?

On Dec 15, 8:10�pm, MWAZ <mwas...[at]gmail.com> wrote:
- quote -

> I'd like to create an excel spreadsheet to calculate my federal tax
> this year. What is the appropriate formula that is used to generate
> the 2007 1040 tax table (married filing jointly). Is there a site that
> discusses this?


What do you think this is? 1982?
For less than $50 you can BUY a tax preparation program that will run
circles around anything you could concoct with an Excel spreadsheet,
and won't take 100 or more hours of your time to debug and run.





 
Old 12-16-2007, 03:17 AM
joetaxpayer
Guest
 
Posts: n/a
Default Re: Tax Formula?



MWAZ wrote:
- quote -

> I'd like to create an excel spreadsheet to calculate my federal tax
> this year. What is the appropriate formula that is used to generate
> the 2007 1040 tax table (married filing jointly). Is there a site that
> discusses this?


see http://www.fairmark.com/refrence/2007reference.htm
It shows the rates, Standard Deduction and Exemptions, among other
numbers. Excellent source of info.
JOE

  #-1  
Old 12-16-2007, 03:10 AM
MWAZ
Guest
 
Posts: n/a
Default Tax Formula?

I'd like to create an excel spreadsheet to calculate my federal tax
this year. What is the appropriate formula that is used to generate
the 2007 1040 tax table (married filing jointly). Is there a site that
discusses this?

 

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