Answer: below
Step-by-step explanation:
To find a tax rate using the VLOOKUP function in Microsoft Excel, follow these steps:
Set up a table that contains the tax rates. The table should have two columns: one column for the income levels or thresholds and another column for the corresponding tax rates. Make sure the income levels are sorted in ascending order.
For example, your table might look like this:
Income Level Tax Rate
0 0%
10000 10%
20000 15%
30000 20%
In a cell where you want to calculate the tax rate, enter the VLOOKUP formula. The formula syntax for VLOOKUP is as follows:
=VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])
lookup_value: This is the value you want to lookup, in this case, the income for which you want to find the tax rate.
table_array: This is the range of cells that contains your table, including both the income levels and tax rates.
col_index_num: This is the column number that contains the tax rates within the table. In this case, it would be 2 since the tax rates are in the second column.
[range_lookup]: This is an optional argument. If set to TRUE or omitted, it performs an approximate match. If set to FALSE, it performs an exact match.
For example, if you want to find the tax rate for an income of $25,000 and your table is in cells A1:B5, you can use the following formula:
=VLOOKUP(25000, A1:B5, 2, TRUE)
Press Enter to calculate the formula. The VLOOKUP function will search for the income level closest to $25,000 in the table and return the corresponding tax rate.
Note: Make sure the values you're looking up and the table range are of the same data type (e.g., numbers). Also, ensure that the income levels in the table are sorted in ascending order for the VLOOKUP function to work correctly.