So I have a pretty simple UDF written in visual basic for use in excel. It calculates your approx. taxes. Lets say I use it as such:
=Taxes(I23-I18,I24-I20,"Married")
If I type this in it works great. Now if I save the sheet and restart excel the cell now says #VALUE! If I select the formula and hit enter once again it recalculates it fine. What am I doing wrong? Application.Volatile shouldn't be needed but I was trying ideas...
Private Type TaxBracket
Perc As Double
Floor As Currency
Limit As Currency
End Type
Public Function Taxes(gross1 As Currency, gross2 As Currency, filingStatus As String) As Currency
Application.Volatile True
Dim brackets(6) As TaxBracket
Dim stdDeduction As Currency
Dim ssTaxRate As Double
Dim medicareTaxRate As Double
Dim Tax As Double
stdDeduction = 5700
ssTaxRoof = 106800
ssTaxRate = 0.062
medicareTaxRate = 0.0145
Tax = medicareTaxRate * (gross1 + gross2)
Tax = Tax + IIf(gross1 < ssTaxRoof, ssTaxRate * gross1, ssTaxRate * ssTaxRoof)
Tax = Tax + IIf(gross2 < ssTaxRoof, ssTaxRate * gross2, ssTaxRate * ssTaxRoof)
brackets(0).Perc = 0.1
brackets(1).Perc = 0.15
brackets(2).Perc = 0.25
brackets(3).Perc = 0.28
brackets(4).Perc = 0.33
brackets(5).Perc = 0.35
If filingStatus = "Single" Then
brackets(0).Floor = 0
brackets(1).Floor = 8375
brackets(2).Floor = 34000
brackets(3).Floor = 82400
brackets(4).Floor = 171850
brackets(5).Floor = 373650
brackets(0).Limit = 8375
brackets(1).Limit = 34000
brackets(2).Limit = 82400
brackets(3).Limit = 171850
brackets(4).Limit = 373650
brackets(5).Limit = 1000000000
Tax = Tax + incomeTaxes(gross1, brackets, stdDeduction) + incomeTaxes(gross2, brackets, stdDeduction)
ElseIf filingStatus = "Married" Then
brackets(0).Floor = 0
brackets(1).Floor = 16750
brackets(2).Floor = 68000
brackets(3).Floor = 137300
brackets(4).Floor = 209250
brackets(5).Floor = 373650
brackets(0).Limit = 16750
brackets(1).Limit = 68000
brackets(2).Limit = 137300
brackets(3).Limit = 209250
brackets(4).Limit = 373650
brackets(5).Limit = 1000000000
Tax = Tax + incomeTaxes(gross1 + gross2, brackets, stdDeduction * 2)
Else
Taxes = "N/A"
Return
End If
Taxes = Tax
End Function
Private Function incomeTaxes(gross As Currency, brackets() As TaxBracket, deduction As Currency) As Currency
Dim Tax As Double
Dim taxable As Double
Tax = 0
taxable = gross - deduction
For i = 0 To 5
If taxable > brackets(i).Limit Then
Tax = Tax + (WorksheetFunction.Min(taxable, brackets(i).Limit) - brackets(i).Floor) * brackets(i).Perc
Else
If taxable > brackets(i).Floor Then
Tax = Tax + (taxable - brackets(i).Floor) * brackets(i).Perc
Else
'tax = tax
End If
End If
Next i
incomeTaxes = Tax
End Function
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