VIDEO: How to use the income tax table for Excel
Create an income tax table in Excel
- If you want to create an income tax table in Excel, you should always keep the main categories in mind, the essential ones to determine the taxable income and thus to determine the tax rate and the associated tax amount is.
- Determine the total of your income in the accounting period in Excel. Income includes wages, rental and lease income and other transfer payments. In short: everything on your account leads to a plus belongs to the sum of all income. In Excel, it is advisable to write down the categories with the respective amounts and use the sum formula to calculate the total amount. Also draw well-marked frame lines around the terms and the amounts so as not to lose track. The sum should be calculated quickly using Excel's auto-sum formula. It is best to mark the result in bold so that you can use it for later calculations.
- In order to determine the taxable income, you have to deduct the sum of all income from income-related expenses, loss deductions and tax exemptions. If you are not familiar with the terms, find out more about the technical terms on the Internet. To determine the categories, you should add the categories to the Subdivide the respective blocks and calculate the respective sums of the contributions and the results in bold to mark. In practice, this would mean that under the "Exemptions" category, you would find the amounts for retirement, single parents List Parents, Special Expenses, Extraordinary Charges, and Child Allowances and the grand total among the many numbers put up. You do the same thing in the same way for loss deductions and advertising costs.
- Once you've done the arduous work, much of the work is done. For the income tax table, design the “Taxable Income” category. You will receive the amount if you deduct the total of all income from income-related expenses, loss deductions and tax exemptions. If z. B. the sum of all income in Excel is in table C 6, the other summed contributions are in C9, C12 and C15 and the result of the taxable income z. B. should be in C19, then first click on table C19 and calculate the formula. You can determine the result by entering "= C6-C9-C12-C15" in the entry bar of the formula table in Excel especially for this case. This way, you will quickly receive the taxable income amount.
- The amount of taxable income is important in determining the amount of tax. There is also a big difference here whether you are single or married. If you are not married, take a look at the basic table, otherwise the splitting table. You can obtain the tax tables for the respective year by entering the relevant term in any search engine on the Internet or in the current tax book. If there are no income replacement benefits and extraordinary income and the number of children is zero, then the tax contributions appear directly in the table. Otherwise, you will need to include a calculation table in your calculations to make the customized Tax rates due to the progression proviso as well as the adjusted income calculations calculate. Of the Income tax calculator von Finanztip is very helpful here. Since the calculator also automatically calculates the solidarity surcharge and the church tax, additional formulas are not absolutely necessary for Excel.
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With this income tax table, you mainly calculate what is taxable in this way Income and save a lot of time and can use this as a basis for your tax return rather quickly create. You can easily get the net amount via the calculator. But you can also enter the individual values in the Excel table and thus calculate the net from the gross. That’s up to you.
