Question

12 9. If you experience any technical issues when you upload your file through Blackboard, please send me your exam file thre 13 55 . ented 15 1. (30%) 16 The 2019 Federal Income Tax Brackets are pr. below 17 18 Over But not Over 55 55 SUM of O f the amount over 0 9,700 0 10% 9,700 39,475 970 12% 9,700 39,475 84,200 4,543 22% 39,475 284,200 160,72514,383 . 24% 84,200 160,725 204,100 32.749 32% 160,725 204,100 510,300 46,629 3 5% 204,100 NE510,300 153,799 . 37% 510,300 27 Please use nested IF function to calculate the income tax of the 5 individuals listed in the following table 28 Name Taxable Income Income tax 29 Johnson 16,731 30 Carol 731,638 31 Annie 283,591 32 David 124,422 33 Jim 51.818 34 Jack

Answer 1

SOLUTION:

Тах Name Johnson Carol Annie David Jim Jack Taxable income Income tax Computations 16,731 $ 1,813.72 $970 + ($16,731 - 9,700)*12% 731,638 $ 235,694.06 $153,799 + ($731,638 - 510,300)*37% 283,591 $ 74,450.85 $46,629 + ($283,591 - 204,100)*35% 124,422 $ 24,036.28 $14,383 + ($124,422 - 84,200)* 24% 51,818 $ 7,258.46 $4,543 + ($51,818 - 39,475)*22% 3,413 $ 341.30 $3,413*10%

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