What is the easiest way to specify tax brackets in Excel?

I'm trying to write a formula to estimate investment gains for several years and would like to subtract taxes each year. However, I am having trouble figuring out an easy way to specify different actions (subtracting different amounts) according to the various tax brackets.

For instance, I would like 10% subtracted when capital gains are between $0 and $12,750, and 15% subtracted when capital are between $12,750 and $48,600.

I'm familiar with the "=IF" command, however I am not sure about the easiest way to say "if value falls between 0 and 12750, do this; if it falls between 12750 and 48600, do that." In other words, my difficulty is not so much with the "=IF" thing (I don't think), but is more with setting up the different ranges of values (like between 12750 and 48600, for example). Something like a "BETWEEN" command would be ideal.

Anybody got any good ideas?