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How to Name a Cell and Use the Name in a Formula in Excel

There are times it may be easier to name a cell and use the name in a formula instead of using a cell address (or range).  For example; If I have multiple worksheets that will calculate a sales total and uses the same tax rate in every formula, I can enter the tax rate in one cell, name the cell, and use the cell name in the formula.  This allows me to use the name in every formula without having to reference the sheet name and then the cell number.  This will work in Excel 2010, Excel 2007 and Excel 2003.
 

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