Sgt. Barnes is a veteran police officer filing as Head of Household. Currently, her taxable income...

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Sgt. Barnes is a veteran police officer filing as Head of Household. Currently, her taxable income is $50,000, but has been asked to sit for the Leutenant's exam. She is excited about the opportunity as the pay raise will give her an additional $15,000 of taxable income. Sgt. Barnes would like to know what the tax implication will be with the promotion and raise. Sgt. Barnes also moonlights as a private security guard for major sporting events and is concerned the promotion and raise will have an adverse impact on her marginal tax rate. Required: 1. Complete the "The tax is:" column for each filing status table using a formula. 2. Prepare the Current Salary and Proposed Salary tax calculations using VLOOKUP formulas to the 2022 tax brackets. 3. Enter a formula to compute the Marginal Tax Rate (Hint: ATax/ATaxable income) (HINT: Use the TRUE logical value for VLOOKUP formulas) SSSSSSS If taxable income is over: S 14,650.00 S 55,900.00 $ 89,050.00 $ 170,050.00 $ 215,950.00 $ 539,900.00 $ Taxable income: If taxable income is over: But not over: The tax is: Plus tax percentage: Plus tax amount: Total Tax: S Schedule Z - Head of Household But not over: 14,650.00 $ 55,900.00 89,050.00 170,050.00 215,950.00 $ 539,900.00 $ $ Current Salary Marginal Tax Rate: 50,000 14,650 The tax is: 1,465.00 6,415.00 13,708.00 33,148.00 47,836.00 161,218.50 Proposed Salary 65,000 Plus: 10% 12% 22% 24% 32% 35% 37% Sgt. Barnes is a veteran police officer filing as Head of Household. Currently, her taxable income is $50,000, but has been asked to sit for the Leutenant's exam. She is excited about the opportunity as the pay raise will give her an additional $15,000 of taxable income. Sgt. Barnes would like to know what the tax implication will be with the promotion and raise. Sgt. Barnes also moonlights as a private security guard for major sporting events and is concerned the promotion and raise will have an adverse impact on her marginal tax rate. Required: 1. Complete the "The tax is:" column for each filing status table using a formula. 2. Prepare the Current Salary and Proposed Salary tax calculations using VLOOKUP formulas to the 2022 tax brackets. 3. Enter a formula to compute the Marginal Tax Rate (Hint: ATax/ATaxable income) (HINT: Use the TRUE logical value for VLOOKUP formulas) SSSSSSS If taxable income is over: S 14,650.00 S 55,900.00 $ 89,050.00 $ 170,050.00 $ 215,950.00 $ 539,900.00 $ Taxable income: If taxable income is over: But not over: The tax is: Plus tax percentage: Plus tax amount: Total Tax: S Schedule Z - Head of Household But not over: 14,650.00 $ 55,900.00 89,050.00 170,050.00 215,950.00 $ 539,900.00 $ $ Current Salary Marginal Tax Rate: 50,000 14,650 The tax is: 1,465.00 6,415.00 13,708.00 33,148.00 47,836.00 161,218.50 Proposed Salary 65,000 Plus: 10% 12% 22% 24% 32% 35% 37%