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Tax formulae?
Drez
Registered User regular
Registered User regular
Okay so I have literally nothing to do at work today. I thought I might work on some projects for myself.
The first is a net pay calculator that I can do in Excel (I get paid by the hour + overtime). I have everything automated to calculate gross pay once I put my hours in but I need a formula to figure out my net pay.
I know that there is the potential to fall into a different bracket each pay period depending on how many hours I work (or rather how much my gross pay for the week is) but conditionals are no problem. I'm fine with arithmetic excel formulas involving conditionals, but I am having trouble actually finding out what the formula for calculating tax and deductions is.
http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp
That does what I need. So I have two questions:
a) Is there any way I can have Excel just feed my gross pay to that website and return the resultant net pay from the following page through some kind of macro? I don't know much about macros and I assume that if this IS possible, it's probably complicated. I wouldn't mind learning how to do it from an academic perspective, but it's also probably inefficient.
b) Does anyone know what formulas I need to calculate federal income tax, NYS income tax, NY resident local/city tax, and all the other deductions like Social Security, Medicare, and NY SDI (what is that exactly)?
Thanks.
The first is a net pay calculator that I can do in Excel (I get paid by the hour + overtime). I have everything automated to calculate gross pay once I put my hours in but I need a formula to figure out my net pay.
I know that there is the potential to fall into a different bracket each pay period depending on how many hours I work (or rather how much my gross pay for the week is) but conditionals are no problem. I'm fine with arithmetic excel formulas involving conditionals, but I am having trouble actually finding out what the formula for calculating tax and deductions is.
http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp
That does what I need. So I have two questions:
a) Is there any way I can have Excel just feed my gross pay to that website and return the resultant net pay from the following page through some kind of macro? I don't know much about macros and I assume that if this IS possible, it's probably complicated. I wouldn't mind learning how to do it from an academic perspective, but it's also probably inefficient.
b) Does anyone know what formulas I need to calculate federal income tax, NYS income tax, NY resident local/city tax, and all the other deductions like Social Security, Medicare, and NY SDI (what is that exactly)?
Thanks.
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