excel salary sheet and formula

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Excel salary statement includes employees basic pay,house Rent, Medical allowance, Convince Allowances, Income Tax and some other allowances.
Formula: =IF(E3>=30000,E3*20%,IF(E3>=20000,E3*15%,IF(E3>=15000,E3*10%,IF(E3>=10000,E3*7%,E3*5
while E3 is the excel sheet location E is the Column and 3 is the spreadsheet row Number.

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