Tax Prob 1Accessibility tab summary: Students please use the information below to complete the question completing the required cells. Given information for this question is presented in rows 2...

Tax Prob 1 Accessibility tab summary: Students please use the information below to complete the question completing the required cells. Given information for this question is presented in rows 2 through 15. The required answers are in rows 17 through 46. It's mid-December and Marie is finalizing her divorce. Generally, she and her soon to be ex-spouse have been amicable, and Marie is looking forward to being single. The divorce attorneys will be ready to complete the proceedings before December 31, but Marie is concerned about tax implications. Marie has asked for your help in determining whether to wait until the beginning of next year in order to minimize taxes. The couple has two children and expect each will take custody of one child maintaining their own households. Marie's taxable income is $90,000 while he soon-to-be ex-spouse's taxable income is $40,000. Ignore any tax credits in your analysis.When submitting the problem on this tab through connect, the yellow highlighted cells come back incorrect. I am pretty sure the answers are correct. I am not sure that the referencing to certain cells are done correctly Required: 1. Complete the "The tax is:" column for each filing status table using a formula 2. Prepare a comparison for Marie using VLOOKUP formulas to the 2022 tax brackets. (HINT: Use the TRUE logical value) Schedule X - SingleSchedule Z - Head of Household If taxable income is over:But not over:The tax is:Plus:If taxable income is over:But not over:The tax is:Plus: $- $10,275.0010% $- $14,650.00 $- 10% $10,275.00$41,775.00$1,465.0012%$14,650.00$55,900.00$1,465.0012% $41,775.00$89,075.00$6,415.0022%$55,900.00$89,050.00$6,415.0022% $89,075.00$170,050.00$13,708.0024%$89,050.00$170,050.00$13,708.0024% $170,050.00$215,950.00$33,148.0032%$170,050.00$215,950.00$33,148.0032% $215,950.00$539,900.00$47,836.0035%$215,950.00$539,900.00$47,836.0035% $539,900.00 $- $161,218.5037%$539,900.00 $- $161,218.5037% Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)Schedule Y-2 - Married Filing Separately If taxable income is over:But not over:The tax is:Plus:If taxable income is over:But not over:The tax is:Plus: $- $20,550.00 $- 10% $- $10,275.00 $- 10% $20,550.00$83,550.00$2,055.0012%$10,275.00$41,775.00$1,027.5012% $83,550.00$178,150.00$9,615.0022%$41,775.00$89,075.00$4,807.5022% $178,150.00$340,100.00$30,427.0024%$89,075.00$170,050.00$15,213.5024%Total tax = “the tax is” amount plus the “plus tax amount” amount. $340,100.00$431,900.00$69,295.0032%$170,050.00$215,950.00$34,647.5032% $431,900.00$647,850.00$98,671.0035%$215,950.00$323,925.00$49,335.5035% $647,850.00 $- $174,253.5037%$323,925.00 $- $87,126.7537% Option 1 Filing Status:Head of HouseholdOption 2 Filing Status:Married Filing Jointly MarieEx-SpouseMarie & Ex-SpouseThe plus tax amount is a formula that multiplies the “plus tax percentage” by the amount of taxable income that is over the bracket range (make sure you are using the correct bracket per filing status). For example, if taxable income is $90,000, then “plus tax amount” is equal to 24% x (90,000 – 89,050) if filing as head of household. Taxable Income:$90,000$40,000Taxable Income:$130,000 If taxable income is over:$89,050$14,650If taxable income is over:$83,550 But not over:$170,050$55,900But not over:$178,150 The tax is:$33,148$1,465The tax is:$9,615 Plus tax percentage:24%10%Plus tax percentage:22% Plus tax amount:$228$2,535Plus tax amount:$10,219 Total Tax:$33,376$4,000Total Tax:$19,834 Grand Total Tax:$37,376 Tax Problem 2 Natalie is 8 years old and has been gifted shares of stock in an airline. In 2022, the airline issued a dividend. Natalie has no other sources of income and her parents file Married Filing Jointly with their taxable income presented below. Required I have no idea what to do here 1. Complete the Kiddie Tax computation 2. Complete the Income Tax computation for Natalie. 3. Determine the total tax on the dividends (HINT: Reference the below data and abbreviated Tax Rates for Qualified Dividends chart in your formulas) Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. (HINT: Reference the below data and abbreviated Tax Rates for Qualified Dividends chart in your formulas) Number of Shares:100,000Tax Rates for Qualified Dividends Dividends per Share:$0.18Married Filing JointlySingle Natalie's Earned Income:$0BottomTopBottomTop Natalie's Parents' Taxable Income:$498,0000%$0$80,800$0$40,400 15%$80,801$501,600$40,401$445,850 Kiddie Tax Computation20%$501,601$445,851 Gross income / AGI$18,000.00 The Greater of: Minimum standard deduction$1,100 $350 plus earned income Standard deduction for a dependent Taxable income Gross unearned income less $2,200 Net unearned income Kiddie tax Gross income / AGI The Greater of: Minimum standard deduction$1,100 $350 plus earned income Standard deduction for a dependent Taxable income Gross unearned income less $2,200 Net unearned income Income subject to tax at Natalie's rate Natalie's income tax Total tax Tax problem 3 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: ΔTax/ΔTaxable Income) (HINT: Use the TRUE logical value for VLOOKUP formulas)I am not sure what is incorrect with the yellow highlighted cells. Either the way I am referencing them or they are just wrong.WhenI submitted this problem they came back wrong. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. Schedule Z - Head of Household If taxable income is over:But not over:The tax is:Plus: $- $ 14,650.0010% $ 14,650.00$ 55,900.00$1,465.0012% $ 55,900.00$ 89,050.00$6,415.0022% $ 89,050.00$ 170,050.00$13,708.0024% $ 170,050.00$ 215,950.00$33,148.0032% $ 215,950.00$ 539,900.00$47,836.0035% $ 539,900.00 $- $161,218.5037% Current SalaryProposed Salary Taxable Income:$50,000$65,000 If taxable income is over:1465055900 But not over:5590089050 The tax is:$5,707$8,417 Plus tax percentage:11%13% Plus tax amount:$4,034.85$1,178.38 Total Tax:$9,742$9,595.38 Marginal Tax Rate:13%