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 --	But not over --	The tax is:
		$0	$9,225	10% of the amount over $0
		9,225	37,450	$922.50 plus 15% of the amount over $9,225
		37,450	90,750	$5,156.25 plus 25% of the amount over $37,450
		90,750	189,300	$18,481.25 plus 28% of the amount over $90,750
		189,300	411,500	$46,075.25 plus 33% of the amount over $189,300
		411,500	413,200	$119,401.25 plus 35% of the amount over $411,500
		413,200		$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 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%.
Below, we have the tax table as shown in the textbook, as well as a taxable income.
Taxable income:		$ 1,350,000
The corporate income tax table currently in effect is:
		Taxable income is greater than or equal to.	But less than	Tax rate
		$ -	$ 50,000	15%
		50,001	75,000	25%
		75,001	100,000	34%
		100,001	335,000	39%
		335,001	10,000,000	34%
		10,000,001	15,000,000	35%
		15,000,001	18,333,333	38%
		18,333,334		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?