Using the information below, prepare a spreadsheet calculating the taxable income and tax liability for all taxpayers with adjusted gross income below $100,000. The spreadsheet should be flexible enough to calculate the taxable income if the taxpayer’s filing status is single or married and if the taxpayer has additional dependents.
Number of dependents .......... 2
Salary .............. $80,000
Interest .............. 10,000
Deductions for adjusted gross income ... 2,500
Deductions from adjusted gross income . 12,000