How to calculate the tax credit on a single number when there are 4 tests (75% of first $100; 50% of next $450; 33 1/3% of next $550; up to maximum tax credit of $500)?

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  • Updated 3 years ago
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The tax credit is calculated as the lesser of:

1. The total of: 75% of contributions up to $100; 50% of contributions between $100 and $550; 33 1/3% of contributions in excess of $550

2. $500

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Bob

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Posted 3 years ago

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QuickBaseCoach App Dev./Training, Champion

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try this

var number OriginalValue= [value]; // insert your field here in place of [Value]

var number FirstOneHundred = Min(100,$OriginalValue);


var number NextFourFifty = Min(450, $OriginalValue- $FirstOneHundred);

var number Balance =  $OriginalValue - $FirstOneHundred -$NextFourFifty;



Min(500,

Round(

0.75 * $FirstOneHundred 

+

0.5 * $NextFourFifty 

+

$Balance / 3,0.01))
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Bob

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Mark, it works perfectly.  Many thanks, Bob
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QuickBaseCoach App Dev./Training, Champion

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Thx for letting me know. :)