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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounting Below are the 2021 tax brackets for single American taxpayers: Marginal Tax Rate For Single Individuals For Married Individuals Filing Joint Returns 10% $0 to $9,950 $0 to $19,900 12% $9,951 to $40,525 $19,901 to $81,050 22% $40,526 to $86,375 $81,051 to $172,750 24% $86,376 to $164,925 $172,751 to $329,850 32% $164,926 to $209,425 $329,851 to $418,850 35% $209,426 to $523,600 $418,851 to $628,300 37% $523,601 or more $628,301 or more 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. Please show formulas
Transcribed Image Text:Accounting Below are the 2021 tax brackets for single American taxpayers: Marginal Tax Rate For Single Individuals For Married Individuals Filing Joint Returns 10% $0 to $9,950 $0 to $19,900 12% $9,951 to $40,525 $19,901 to $81,050 22% $40,526 to $86,375 $81,051 to $172,750 24% $86,376 to $164,925 $172,751 to $329,850 32% $164,926 to $209,425 $329,851 to $418,850 35% $209,426 to $523,600 $418,851 to $628,300 37% $523,601 or more $628,301 or more 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. Please show formulas
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