An accountant needs to withhold 18% of income for taxes if the income is below $40,000, and 21% of income if the income is $40,000 or more. The incomeamount is in cell A1. Write a spreadsheet expression that would calculate the amount to withhold.

Data given: Withhold 18% of income for taxes if the income is below $40,000. Withhold 21% of income…

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Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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An accountant needs to withhold 18% of income for taxes if the income is below $40,000, and 21% of income if the income is $40,000 or more. The income amount is in cell A1. Write a spreadsheet expression that would calculate the amount to withhold.