Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help would mean the world to me. Thank you! :) Below are the 2023 tax brackets for single American taxpayers: a) Build this table

image text in transcribed

Please help would mean the world to me. Thank you! :)

Below are the 2023 tax brackets for single American taxpayers: 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. 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 is $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) 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: (1,100+(12% of (25,00011,000))=$2,780.00 total tax owed. c) When employees contribute to a 401k plan, they are only taxed on the rest of the income. Calculate the marginal tax rate and the total tax owed in a situation where a user plugs in a salary and chooses (from a drop-down list) some percent (between 5\%-20\%) that is contributed to a 401k plan. d) If a worker earns $50,000, how much does she pay in tax? Now if she decides to contribute 11% or more to her 401k, what happens to her tax payment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Financial Services Marketing Handbook

Authors: Evelyn Ehrlich

2nd Edition

1118065719, 978-1118065716

More Books

Students also viewed these Finance questions

Question

6. Have you used solid reasoning in your argument?

Answered: 1 week ago