1.10 Use an IF function with nested VLOOKUP functions to calculate the Federal Income Tax Rate. a. The federal tax rate is a function of the adjusted income and the employee's marital status. b. Reference the tax tables in the Model Assumptions and the marital status in the Employee Information section to construct a formula (set of nested formulas) to calculate the tax rate. c. For example, a single employee who earned $15,000 would pay a 33% marginal tax rate. (7) 1.11 Calculate the federal income < tax. The federal income tax is the adjusted income times the federal income tax rate calculated in cell C36). 2.5