Please provide the formulas.

I did a just need the rest

Using Excel to find the marginal tax rate can be accomplished using the VLOOKUP function. However, calculating the total tax bill is a little more difficult. Below we have shown a copy of the IRS tax table for an individual. Often, tax tables are presented in this format. If taxable income is over -- $0 9,225 37,450 90,750 189,300 411,500 413,200 But not over -- $9,225 37,450 90,750 189,300 411,500 413,200 The tax is: 10% of the amount over $0 $922.50 plus 15% of the amount over $9,225 $5,156.25 plus 25% of the amount over $37,450 $18,481.25 plus 28% of the amount over $90,750 $46,075.25 plus 33% of the amount over $189,300 $119,401.25 plus 35% of the amount over $411,500 $119,996.25 plus 39.6% of the amount over $413,200 In reading this table, the marginal tax rate for taxable income less than $9,225 is 10%. If the taxable income is between $9,225 and $37,450, the tax bill 5 is $922.50 plus the marginal taxes. The marginal taxes are calculated as the taxable income minus $9,225 times the marginal tax rate of 15%. 7 Below, we have the tax table as shown in the textbook, as well as a taxable income. 9 Taxable income: $ 1,350,000 1 The corporate income tax table currently in effect is: Taxable income is greater than But or equal less to.... than... - $ 50,000 50,001 75,000 75,001 100,000 100,001 335,000 335,001 10,000,000 10,000,001 15,000,000 15,000,001 18,333,333 18,333,334 Tax rate 15% 25% 34% 39% 34% 35% 38% 35% a. Create a tax table for corporate taxes similar to the individual tax table shown above. b. For a given taxable income, what is the marginal tax rate? c. For a given taxable income, what is the total tax bill? d. For a given taxable income, what is the average tax rate? Master it! Solution The tax is: If taxable income is over -- - 50,001 75,001 100,001 335,001 10,000,001 15,000,001 18,333,334 But not over -- $ 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 7,500 6,250 8,500 91,650 3,286,100 1,750,000 1,266,667 plus plus plus plus 15% of the amount over 25% of the amount over 34% of the amount over 39% of the amount over 34% of the amount over 35% of the amount over 38% of the amount over 35% of the amount over 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 plus plus plus b. The marginal tax rate is: c. The total tax bill is: Tax on the bottom of marginal tax bracket: Amount of income in marginal tax bracket: Total tax: d. The average tax rate is