Learn how to use VLOOKUP.

REQUIRED

a. Download the worksheet for this problem from the website.

b. Create a formula to calculate taxes, using the following rate table:

• If gross pay is less than $500, taxes are 12%.
• If gross pay is at least $500 and less than $750, taxes are 15%.
• If gross pay is at least $750 but less than $1,000, taxes are 20%.
• If gross pay is greater than $1,000, taxes are 28%.
  

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A 1 Problem 17-7 2 3 Employee Payrate 4 Johnson 5 Smith 6 Smythe 7 Johnston 8 Evers 9 Chance 10 Tinkers 11 Alexander 12 Brown 13 Hartnett 14 Banks 15 Santo 16 Hundley 17 Williams 18 Beckert 19 Kessinger 20 Hickman 21 Schwarber 22 Bryant 23 Baez 24 Russell 25 Descalso 26 Rizzo 27 Contreras 28 Caratini B 29 Almora 30 Heyward 31 Lester 32 Hendricks 33 Jenkins 34 Hamels 35 Holtzmann 36 Hands 37 Sandberg 38 Almora 39 Happ 40 C 17.50 12.00 14.75 21.00 18.55 13.95 16.50 15.60 16.50 D Hours Gross Pay Fed Taxes 40 $700.00 40 $480.00 42 $619.50 40 $840.00 40 $742.00 48 $669.60 40 $660.00 40 $624.00 40 $660.00 18.55 40 $742.00 10.00 40 $400.00 19.35 40 $774.00 16.75 40 $670.00 21.00 80 $1,680.00 15.85 40 $634.00 17.95 16.50 15.60 22.00 24.00 16.95 15.00 23.00 19.55 17.50 18.40 19.00 22.00 23.00 40 $920.00 24.50 40 $980.00 20.50 30 $615.00 20.00 35 $700.00 21.00 40 $840.00 24.00 44 $1,056.00 19.00 15.00 40 $718.00 35 $577.50 40 $624.00 40 $880.00 40 $960.00 40 $678.00 35 $525.00 40 $920.00 40 $782.00 30 $525.00 40 $736.00 40 $760.00 40 $880.00 E 40 $760.00 40 $600.00 LL F G Tax Rates H I