Need to write an IF/THEN/ELSE pseudocode and then convert it into an excel formula. Scenario 5. Calculate the deduction from an employee's income based on their income level. The deduction rate is 15% if the income is less than $29,701. The deduction rate is 25% if the employee's income is greater than or equal to $29,701, but less than $71,950. The deduction rate is 28% if the employee's income is greater than or equal to $71,950