Below are the 2022 tax brackets for single American taxpayers:

Tax Rate Taxable Income Taxable Income

(Single) (Married Filing Jointly)

10% Up to $10,275 Up to $20,550

12% $10,276 to $41,775 $20,551 to $83,550

22% $41,776 to $89,075 $83,551 to $178,150

24% $89,076 to $170,050 $178,151 to $340,100

32% $170,051 to $215,950 $340,101 to $431,900

35% $215,951 to $539,900 $431,901 to $647,850

37% Over $539,900 Over $647,850

a) Build this table in Excel. Have the user plug in their salary in a cell. In another cell, use a lookup function to determine and output the marginal tax rate, assuming the person is single. Note: the marginal tax rate is defined as the tax rate that applies to the last unit of the tax base. For example, if your income was $25,000, your marginal tax rate is 12%. Your lookup function should be flexible enough to output the correct answer for a multitude of different salaries.

b) Do the same but this time assume the person is married filing jointly.

c) Build a lookup function that calculates the amount of tax owed for a person who is married filing jointly, for any given salary. For example, if your income is $25,000 the tax owed is: (10,275 * 10%)

= $1,027.50 + (25,000 10,275) * .12 = $1,767

= $2,794.50 total tax owed.

In EXCEL