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Answer all parts please!! Show excel sheet as well! Thank you Excel Master It! Problem Using Excel to find the marginal tax rate can be
Answer all parts please!! Show excel sheet as well! Thank you
Excel Master It! Problem Using Excel to find the marginal tax rate can be accomplished using the VLOOKUP function. However, calculating the total tax bill is a little more difficult. Here we show a copy of the IRS tax table for an individual for 2021 (the income thresholds are indexed to inflation and change through time). Often, tax tables are presented in this format. Excel Master coverage online In reading this table, the marginal tax rate for taxable income less than $9,950 is 10 percent. If the taxable income is between $9,950 and $40,525, the tax bill is $995 plus the marginal taxes. The marginal taxes are calculated as the taxable income minus $9,950 times the marginal tax rate of 12 percent. Below, we have the tax table for a married couple filing jointly. Below, we have the tax table for a married couple filing jointly. a. Create a tax table in Excel for a married couple similar to the individual tax table shown earlier. Your spreadsheet should then calculate the marginal tax rate, the average tax rate, and the tax bill for any level of taxable income input by a user. b. For a taxable income of $335,000, what is the marginal tax rate? c. For a taxable income of $335,000, what is the total tax bill? d. For a taxable income of $335,000, what is the average tax rate? Excel Master It! Problem Using Excel to find the marginal tax rate can be accomplished using the VLOOKUP function. However, calculating the total tax bill is a little more difficult. Here we show a copy of the IRS tax table for an individual for 2021 (the income thresholds are indexed to inflation and change through time). Often, tax tables are presented in this format. Excel Master coverage online In reading this table, the marginal tax rate for taxable income less than $9,950 is 10 percent. If the taxable income is between $9,950 and $40,525, the tax bill is $995 plus the marginal taxes. The marginal taxes are calculated as the taxable income minus $9,950 times the marginal tax rate of 12 percent. Below, we have the tax table for a married couple filing jointly. Below, we have the tax table for a married couple filing jointly. a. Create a tax table in Excel for a married couple similar to the individual tax table shown earlier. Your spreadsheet should then calculate the marginal tax rate, the average tax rate, and the tax bill for any level of taxable income input by a user. b. For a taxable income of $335,000, what is the marginal tax rate? c. For a taxable income of $335,000, what is the total tax bill? d. For a taxable income of $335,000, what is the average tax rateStep by Step Solution
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