I have to use a nested IF statement in Excel to find tax amounts. Taxes are MARGINAL. This means that if you had $30,000 in taxable income, the first $9,525 would be taxed at 10%, while the next ($30,000-$9,525) would be taxed at the 12% rate. This is the reason for the IF statements. Given increasing taxable income, how would I refrence those cells to find what the tax amount is?

1 FINA 4920E: PROJECT #1 (SPRING 2018) TAX SCHEDULE MARGINAL UP TO RATE AMOUNT: 3 ASSUMPTIONS 4 SALARY 5 ANNUAL RAISE (1st 20 years) 6 ANNUAL RAISE (last 20 years) 7 EMPLOYER MATCH 8 EMPLOYEE CONTRIBUTION 9 EMPLOYEE MAX $65,000 10% 12% 22% 24% 32% 35% 37% $9,525 $38,700 $82,500 $157,500 $200,000 $500,000 $500,000 2.25% 11.00% $18,500 10 INDEX 500 RETURN 11 AGGRESSIVE GROWTH RETURN 12 PORTFOLIO 13 ALL AGGRESSIVE (years) 14 RETIREMENT APR 15 DEDUCTIONS 15 years 15% 401k 401k Employee Employer ContributionContribution 401k Return 401k Balance 17 YEAR Deductions Taxable Income Taxes $7,150.00$4,712.50 1,067.63 $7,436.00$4,901.00 $ 1,110.33 $7,733.44$5,097.04 $ 1,154.74 $8,042.78$5,300.92 $ 1,200.93 $8,364.49 $5,512.96 $ 1,248.97 $8,699.07$5,733.48 1,298.93 $9,047.03 $5,962.82 $ 1,350.89 $9,408.91$6,201.33 $ 1,404.92 $9,785.27$6,449.38 1,461.12 10 $92,515.27$10,176.68 $6,707.36 $ 1,519.56 11 $96,215.88$10,583.75$6,975.65$ 1,580.3!5 12 $100,064.51$11,007.10$7,254.68 $ 1,643.56 Salary 1$65,000.00 2 $67,600.00 3 $70,304.00 4$73,116.16 5 $76,040.81 6 $79,082.44 7 $82,245.74 8 $85,535.57 9 $88,956.99 $12,930.13 $9,750.00$55,250.00 $12,155.00 $13,447.33 $10,140.00$57,460.00 $12,641.20 $13,985.22 $10,545.60 $59,758.40 $13,146.85 $14,544.63 $10,967.42$62,148.74 $15,126.42 $11,406.12$64,634.69 $15,731.47 $11,862.37$67,220.07 $16,360.73 $12,336.86 $69,908.88 $17,015.16 $12,830.33 $72,705.23 $17,695.77 $13,343.55$75,613.44 $18,403.60 $13,877.29$78,637.98 $19,139.74 $14,432.38$81,783.50 $19,905.33 $15,009.68$85,054.84