excel test / quiz prep and need the explanation and answer to help me learn.
All answers must be in in excel worksheet and with formulas shown.
Below are the 2023 tax brackets for single American taxpayers:
Taxable income bracket
$0 to $11,000.
10% of taxable income.
$11,001 to $44,725.
$1,100 plus 12% of the amount over $11,000.
$44,726 to $95,375.
$5,147 plus 22% of the amount over $44,725.
$95,376 to $182,100.
$16,290 plus 24% of the amount over $95,375.
$182,101 to $231,250.
$37,104 plus 32% of the amount over $182,100.
$231,251 to $578,125.
$52,832 plus 35% of the amount over $231,250.
$578,126 or more.
$174,238.25 plus 37% of the amount over $578,125.
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.
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 is $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) Build a lookup function that calculates the amount of tax owed, for any given salary. For example, if your income is $25,000 the tax owed is:
(1,100 + (12% of (25,000-11,000)) = $2,780.00 total tax owed.
c) When employees contribute to a 401k plan, they are only taxed on the rest of the income. Calculate the marginal tax rate and the total tax owed in a situation where a user plugs in a salary and chooses (from a drop-down list) some percent (between 5%-20%) that is contributed to a 401k plan.
d) If a worker earns $50,000, how much does she pay in tax? Now if she decides to contribute 11% or more to her 401k, what happens to her tax payment?
Requirements: Just answer the question using excel.
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