Question: Tax Calculation Worksheet l ) In cell E 1 3 , retrieve the income limit from the appropriate tax table. Use a nested IF function

Tax Calculation Worksheet
l) In cell E13, retrieve the income limit from the appropriate tax table. Use a nested IF function with Vlookup
inside the IF functions to retrieve the first column from the appropriate tax rate table. The formula is
identical to the formula inside the Marginal Tax Rate cell (D13) except for retrieving the first column.
Extend the formula to cells E14:E17. Format the cells as Currency with zero decimal digits. (7%) Hint:
Copy the formula from D13 and paste it into E13. Update the column index number for each VLookup.
m) In cell F13, retrieve the base tax from the appropriate tax table. Use a nested IF function with Vlookup
inside the IF functions to retrieve the third column from the appropriate tax rate table. The formula is
identical to the formula inside the Marginal Tax Rate cells except for retrieving the third column. Extend
the formula to cells F14:F17. Format the cells as Currency with zero decimal digits. (7%).
n) In cell G13, compute the tax amount as the base tax amount plus the marginal tax rate multiplied by the
marginal income (income higher than income limit). The marginal income is the income minus the income
limit. Extend the formula to cells G14:G17. Format the cells as Currency with zero decimal digits. (6%)
o) Save your workbook and upload it in Canvas.
Tax Calculation Worksheet l) In cell E13, retrieve the income limit

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