Question
Sgt. Barnes is a veteran police officer filing as Head of Household. Currently, her taxable income is $50,000, but has been asked to sit for
Sgt. Barnes is a veteran police officer filing as Head of Household. Currently, her taxable income is $50,000, but has been asked to sit for the Leutenant's exam. She is excited about the opportunity as the pay raise will give her an additional $15,000 of taxable income. Sgt. Barnes would like to know what the tax implication will be with the promotion and raise. 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.
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 2022 tax brackets.
Enter a formula to compute the Marginal Tax Rate (Hint: Tax/Taxable Income)
(HINT: Use the TRUE logical value for VLOOKUP formulas)
A B C D Sgt. Barnes is a veteran police officer filing as Head of Household. Currently, her taxable income is $50,000, but has been asked to sit for the Leutenant's exam. She is excited about the opportunity as the pay raise will give her an additional \$15,000 of taxable income. Sgt. Barnes would like to know what the tax implication will be with the promotion and raise. 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. Required: 1. Complete the "The tax is:" column for each filing status table using a formula. 2. Prepare the Current Salary and Proposed Salary tax calculations using VLOOKUP formulas to the 2022 tax brackets. 3. Enter a formula to compute the Marginal Tax Rate (Hint: Tax/ Taxable Income) (HINT: Use the TRUE logical value for VLOOKUP formulas) Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to shov Nothing in this area will be graded, but it will be submitted with your assignmentStep by Step Solution
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