EXCEL MASTER IT! PROBLEM

Using Excel to find the marginal tax rate can be accomplished using the Vlookup function. However, calculating the total tax bill is a little more difficult. Below is shown a copy of the IRS tax table for an individual for 2019 (the income thresholds are indexed to inflation and change through time):

i=_ 1 0 If Taxable Income Is Greater Than Or Equal To: But Less Than: The Tax Rate Is: $ 0 $ 19,400 10% 19,400 78,950 b 78,950 168,400 22 168,400 321,450 24 321,450 408,200 32 408,200 612,350 35 612,350 3 If Taxable Income Is Over: But Not Over: The Tax Is: $ 0 $ 9,700 10% of the amount over $0 9.700 39.475 $970 plus 12% of the amount over $9,700 39.475 84,200 $4.543 plus 22% of the amount over $39.475 84,200 160,725 $14,382.50 plus 24% of the amount over $84,200 160,725 204,100 $32,748.50 plus 32% of the amount over $160,725 204,100 510,300 $46,628.50 plus 35% of the amount over $204,100 510,300 $153,789.50 plus 37% of the amount over $510,300