flow to creditors als EXCEL MASTER IT! PROBLEM Using Excel to find the marginal tax rate can be accomplished using the VLOOKUP func- tion. However, calculating the total tax bill is a little more difficult. Below we have shown a copy of the IRS tax table for an unmarried individual for 2018. Often, tax tables are presented in this format. If taxable income is over ... $ 0 he tax is: But not over .. $ 9,525 38.700 9,526 38,701 93,701 195,451 424,951 426,701 93,700 195,450 424,950 426,700 10% of the amount over $0 $952.50 plus 15% of the amount over $9,525 $5,328.75 plus 25% of the amount over $38,700 $19,078.75 plus 28% of the amount over $93.700 $47,568.75 plus 33% of the amount over $195,450 $123,303.75 plus 35% of the amount over $424,950 $123,916.25 plus 39.6% of the amount over $426,700 In reading this table, the marginal tax rate for taxable income less than $9,525 is 10 percent. If the taxable income is between $9,525 and $38,700, the tax bill is $952.50 plus the marginal taxes. The marginal taxes are calculated as the taxable income minus $9,525 times the marginal tax rate of 15 percent. Chapter 2 Financial Statements, Taxes, and Cash Flow Below, we have the corporate tax table that was applicable 2017 and as shown in Table 2.3. But less than... Tax rate 15% 25 Taxable income is greater than or equal to... $ 0 50,001 75,001 100,001 335,001 10,000,001 15,000,001 18,333,334 34 $ 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 39 34 35 38 35 a. Create a tax table in Excel for corporate taxes similar to the individual tax table shown above. 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 $1,350,000, what is the marginal tax rate? c. For a taxable income of $1,350,000, what is the total tax bill? d. For a taxable income of $1,350,000, what is the average tax rate