IF(C5>$C$16,(C5-36000)*$D$17):compares the upper limit and the income tax. Subtracts the upper limit from the income tax and multiplies the tax rate by the result. IF(C5<=$C$13,(C5-8000)*$D$13,IF(C5<=$C$14,(C5-15000)*$D$14,IF(C5<=$C$15,(C5-22000)*$D$15,IF(C5...
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2. Pat and Chris have 2 children ages 9 and 12. They earned $21,166.67 in 2019 and file taxes as Married Filing Jointly. Since their total income is less than the standard deduction, they will owe zero tax. With no tax, their CTC will be $0. ...