(EXCEL SOLUTION) In the country of Freedonia, the national currency is the royal. Single people…


In the country of Freedonia, the national currency is the royal. Single people pay no taxes on the first 1,000 royals, 10% on any income between 1,000 and 3,000 royals, 20% on any income between 3,000 and 10,000, and 30% on any income over 10,000. Married people filing jointly pay no taxes on the first 1,000 royals, 8% on any income between 1,000 and 3,000, 15% on any income between 3,000 and 10,000 and 25% on any income in excess of 10,000 royals. So, for example, a single person with an income of 5,000 royals would pay 200 royals for the income between 1,000 and 3,000 and 400 for the income between 3,000 and 5,000 for a total tax bill of 600 royals.
Create a worksheet to calculate the tax owed given the marriage status and income. The worksheet also should show the actual percentage of income owed in taxes. In the example given, 600 royals owed represents 12% of income.

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