It's mid-December and Marie is finalizing her divorce. Generally, she and her soon to be ex-spouse have been amicable,and Marie is looking forward to being single. The divorce attorneys will be ready to complete the proceedings beforeDecember 31, but Marie is concerned about tax implications. Marie has asked for your help in determining whether towait until the beginning of next year in order to minimize taxes. The couple has two children and expect each will takecustody of one child maintaining their own households. Marie's taxable income is $90,000 while he soon-to-beex-spouse's taxable income is $40,000. Ignore any tax credits in your analysis.Required:1. Complete the "The tax is:" column for each filing status table using a formula2. Prepare a comparison for Marie using VLOOKUP formulas to the 2022 tax brackets.(HINT: Use the TRUE logical value)Schedule X - SingleIf taxable income is over:But not over:The tax is:Plus:ssssssss$$10,275.00 $10%$10,275.00 $41,775.0012%$41,775.00 $89,075.0022%$89,075.00 $170,050.0024%$170,050.00 $215,950.0032%$215,950.00 $539,900.0035%$539,900.00 $37%Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

Solution:-Marie is in the process of finalizing her divorce in mid-December and is seeking advice on…

Answered: It's mid-December and Marie is…

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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