Question #1. [7] A tax system has the following tax brackets. Income tax rate $0 --- $20,000 0% $20,001 --- $50,000 20% $50,001 --- $80,000 40% $80,001 and above 50% Using Excel IF function to give a formula for B2 and make sure it can be copied to the remaining cells of column B. B2= w N 5 N 00 . B 1 Income Tax paid 2 0 3 10000 4 20000 5 30000 6 40000 7 50000 8 60000 9 70000 10 80000 11 90000 12 100000 13 110000 14 120000 15 130000 16 140000 17 150000 18 160000 19 170000 20 180000 21 190000 22 200000 23 210000 24 220000 230000 26 240000 27 250000 25 28