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