Part 2 (50%):

Below are the 2020 tax brackets for single American taxpayers:

Taxable Income	Tax Rate
$0 to $9,875	10%
$9,876 to $40,125	$987.50 plus 12% of the amount over $9,875
$40,126 to $85,525	$4,617.50 plus 22% of the amount over $40,125
$85,526 to $163,300	$14,605.50 plus 24% of the amount over $85,525
$163,301 to $207,350	$33,271.50 plus 32% of the amount over $163,300
$207,351 to $518,400	$47,367.50 plus 35% of the amount over $207,350
$518,401 or more	$156,235 plus 37% of the amount over $518,400

1. a) Build this table in an Excel file and use a lookup function to determine and output the marginal tax rate for any individual. 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. Allow the user to plug in any salary into a cell and then build the lookup function in another cell to output the appropriate marginal tax rate.

2. b) Build a lookup function that calculates the amount of tax owed for any given salary. For example, if your income is $25,000 the tax owed is: $2,802.50.