The Problem $4$ worksheet contains a variation of the Tax Calculations example discussed in class. In

this problem you will once again calculate the income taxes due for each person based on their exempt status

and their taxable income.

Note the following:

Exempt Employees $($Exempt $=$ "Yes"$)$ pay no taxes

Non$-$exempt Employees $($Exempt $="$No$")$ pay taxes as follows:

o Taxes $=$ Base Tax Amount $+$ Marginal Tax Rate$*($Taxable Income Income Bracket Minimum$)$

o Individuals with negative taxable income pay no taxes.

 Use Reference Functions $($HLOOKUP or VLOOKUP$)$ and logical functions $($and IF statements$)$ to

calculate the taxes owed, if any, by each individual.

 Use Nested IF statements to calculate the taxes owed, if any, by each individual.

Answer rating: 100% (QA)

Exempt Employees Exempt Yes Exempt employees pay no taxes Their tax li... View the full answer