4- In cells C24:E24, develop your IFS Function or (Nested IF Functions, depending on your answer to Q3) to have Excel automatically calculate the tax liabilities of the three individuals' taxable income.

PLEASE NOTE!!

The IFS in C24

IFS (taxable amount [C18]

Repeat for rows 7, 8, 9, 10, and 11

The statement for row 12 should be slightly different: If taxable amount >= lower tax bracket in row 12, tax on base in row 12 +( taxable amount - lower tax bracket in row 12) x tax rate in row 12.

Remember to absolutely address all the cells in the tax table that you use in the ifs function.

INCOME TAX CALCULATION Questions 1- Calculate the tax on base in E6:E12 2- Using simple Excel formulas, calculate in cells C21:E21 the tax liability for each of the three individuals' taxable income. 3- Develop a pseudo code to help you develop your IFS Function to calculate the tax liability of the same three individuals taxable income. (If you prefer, you can use Nested IF Functions) 4- In cells C24:E24, develop your IFS Function or (Nested IF Functions, depending on your answer to Q3) to have Excel automatically calculate the tax liabilities of the three individuals' taxable income. 5- Copy your worksheet and in the new one, update the tax table to display 2021 Federal for Unmarried Individuals (info in slides). Did the tax liability of any of the three individuals change