Set up a spreadsheet-based decision model. Assume that they have the following information available:

• Jim makes an estimated $41,000 and Shirley makes an estimated $36,000
• They would like to put away 3% of their total income in a retirement account, up to a maximum of $4,000. Any amount the put in that account can be deducted from their total income for tax purposes.
• They are entitled to a personal exemption of $3,300 each. There is a standard deduction for married couples of $11,500, meaning this amount is free from any taxes and can be deducted from total joint income.
• The tax brackets are 9% for up to $17,000, 14% for $17,001 to $70,000, and 21% for $70,001 to $140,000.

	Jim	Shirley	Total
Income	41000	36000	77000
3% of Income
Tax exemption
Tax @ 9% (0 - 17000)
Tax @ 14% (17001 - 70000)
Tax @ 21% (70001 - 140000)

Because their earnings are not taxed at the source, they know that they must pay estimated income taxes on a quarterly basis, based on their estimated taxable income for the year. What are the estimated taxes per quarter that Jim and Shirley must pay? Please use the Excel Solver to solve the above exercise question.