Set up tax brackets with income thresholds and rates. Use formulas like MIN to break down taxable amounts per bracket. For example, if an employee earns $50,000, Excel can calculate: ...

Individual tax rates will remain the same: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Tax brackets are determined using a formula based on the Consumer Price Index, or CPI, which looks at the cost of ...