a) Build this table in Excel. Have the user plug in their salary in a cell. In another cell, use a lookup function to determine and output the marginal tax rate, assuming the person is single. Note: the marginal tax rate is defined as the tax rate that applies to the last unit of the tax base. For example, if your income was $25,000, your marginal tax rate is 12%. Your lookup function should be flexible enough to output the correct answer for a multitude of different salaries. b) Do the same but this time assume the person is married filing jointly. c) Build a lookup function that calculates the amount of tax owed for a single person, for any given salary. For example, if your income is $25,000 the tax owed is: (9950 * 10%) = $995 (25,000 - 9950) * .12 = $1,806 = $2,801 total tax owed. ease show formulas
a) Build this table in Excel. Have the user plug in their salary in a cell. In another cell, use a lookup function to determine and output the marginal tax rate, assuming the person is single. Note: the marginal tax rate is defined as the tax rate that applies to the last unit of the tax base. For example, if your income was $25,000, your marginal tax rate is 12%. Your lookup function should be flexible enough to output the correct answer for a multitude of different salaries. b) Do the same but this time assume the person is married filing jointly. c) Build a lookup function that calculates the amount of tax owed for a single person, for any given salary. For example, if your income is $25,000 the tax owed is: (9950 * 10%) = $995 (25,000 - 9950) * .12 = $1,806 = $2,801 total tax owed. ease show formulas
Chapter3: Computing The Tax
Section: Chapter Questions
Problem 18CE
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