$\backslash$table$[[9,2\mathrm{.}5,$Calculate the adjusted income. The adjusted income is the difference between the total gross income and the total deductions.$],[10,7,$Calculate the federal tax rate. The federal tax rate is a function of the adjusted income and the employee's marital status. Reference the tax tables in the model assumptions and the marital status in the employee information section to construct a formula $($or set of nested formulas$)$ to calculate the tax rate. For example, a single employee with $$15,000$ in income would have a $33\%$ marginal tax rate.$],[11,2\mathrm{.}5,$Calculate the federal income tax. The federal income tax is the adjusted income times the federal income tax rate you calculated in task $10.],[12,2\mathrm{.}5,$Calculate the tax adjustment for allowances. An employee will have less federal income tax withheld for every allowance that they claim. Allowances account for the number of dependents they will claim on their taxes and other factors that will ultimately reduce the amount of federal taxes they will pay. The adjustment for allowances is calculated as the product of the number of allowances $($in the employee information section$),$ the allowance deduction amount $($in the model assumptions$),$ and the employee tax rate $($calculated in task $10).],[13,4\mathrm{.}5,$Calculate the net federal income tax. The net federal income tax is the difference between the federal income tax and the adjustment for allowances. If the adjustment for allowances is greater than the federal income tax then the net federal income tax is zero $(0).],[14,2\mathrm{.}5,$Calculate the state income tax. The state tax is the adjusted income times the state tax rate in the model assumptions.$],[15,2\mathrm{.}5,$Calculate the medicare tax. The medicare tax is the total gross income times the medicare tax rate in the model assumptions$],[16,2\mathrm{.}5,$Calculate the social security tax. The social security tax is the total gross income times the social security tax rate in the model assumptions.$],[17,2\mathrm{.}5,$Calculate total taxes. Total taxes are the sum of the net federal income tax, state income tax, medicare, and social security taxes.$],[$Total:$,50,]]\backslash$table$[[$Flexible Spending$],[$Retirement$,],[$Total Deductions,$],[,],[$Adjusted Income,$],[],[,],[$Federal Income Tax Rate,$],[$Federal Income Tax,$],[$Adjustment for Allowances,$],[$Net Federal Income Tax,$],[$State Income Tax,$],[$Medicare Tax,$],[$Social Security Tax,$],[$Total Taxes,$]]$

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