Sgt$.$ Barnes is a veteran police officer and has been asked to sit for the Lieutenant's exam. She is excited about the

opportunity as it is the natural progression of her carrer along with a great pay raise. However, Sgt$.$ Barnes also

moonlights as a private security guard for major sporting events and is concerned the promotion and raise will have

an adverse impact on her marginal tax rate. Sgt$.$ Barnes would like to know what the tax implication will be with the

promotion and raise. Presented below are her current and proposed salaries along with her net income as a private

security guard. For purposes of this problem, ignore any self$-$employment implications.

Required:

Complete the "The tax is:$"$ column for each filing status table using a formula.

Prepare the Current Salary and Proposed Salary tax calculations using VLOOKUP formulas to the $2023$ tax brackets.

Enter a formula to compute the Marginal Tax Rate $($Hint: $$ Tax$/$ Taxable Income$)$

$($HINT: Use the TRUE logical value for VLOOKUP formulas$)$

Married Filing Jointly

Current Salary: $$74000$

Projected Salary: $$88,800$

Private Security income: $$15,600$

Taxable income: $$89,000\backslash$table$[[$A$,$B$,$C$,$D$,$E$,$F$],[$Single$,$$$0\mathrm{.}00,$$$11,000\mathrm{.}00,$Single,$$11,000\mathrm{.}00,$$$44,725\mathrm{.}00],[$Head of Household,$$0\mathrm{.}00,$$$15,700\mathrm{.}00,$Head of Household,$$15,700\mathrm{.}00,$$$59,850\mathrm{.}00],[$Married Filing Jointly,$$0\mathrm{.}00,$$$22,000\mathrm{.}00,$Married Filing Jointly,$$22,000\mathrm{.}00,$$$89,450\mathrm{.}00],[$Married Filing Separatel,$$0\mathrm{.}00,$$$11,000\mathrm{.}00,$Married Filing Separate,$$11,000\mathrm{.}00,$$$44,725\mathrm{.}00]]$