1 2 Sgt. Barnes is a veteran police officer filing as Head of Household. Currently, her taxable income is $50,000, but has 3 4 been asked to sit for the Leutenant's exam. She is excited about the opportunity as the pay raise will give her an additional $15,000 of taxable income. Sgt. Barnes would like to know what the tax implication will be with the 5 promotion and raise. Sgt. Barnes also moonlights as a private security guard for major sporting events and is 6 concerned the promotion and raise will have an adverse impact on her marginal tax rate. 7 8 9 Required: 10 1. Complete the "The tax is." column for each filing status table using a formula. 11 2. Prepare the Current Salary and Proposed Salary tax calculations using VLOOKUP formulas to the 2022 tax brackets. 12 3. Enter a formula to compute the Marginal Tax Rate (Hint: ATax/ATaxable Income) 13 14 (HINT: Use the TRUE logical value for VLOOKUP formulas) 15 16 Schedule Z-Head of Household 17 If taxable income is over: But not over: The tax is: Plus: 18 $ 19 20 21 22 23 $ 24 Sssssss S 14,650.00 $ 10% 14,650.00 S 55,900.00 12% $ 55,900.00 S 89,050.00 22% $ 89,050.00 $ 170,050.00 24% $ 170,050.00 S 215,950.00 32% 215,950.00 $ 539,900.00 35% $ 539,900.00 $ 37% 25 26 27 Current Salary Proposed Salary 28 Taxable Income: $ 50,000 29 If taxable income is over: 30 But not over: 31 The tax is: