Part 1: Prepare the tax formula in a worksheet in column A. In column B next to each element of tax formula, show the lines on Form 1040 to which the tax formula line item links.
Part 2: Find a tax rate schedule for 2013. Input the values for the schedule into a MS Excel worksheet. Calculate the tax liability assuming that the Single taxpayers had incomes of:
1. $5,000
2. $20,000
3. $40,000
4. $100,000
Go to the IRS website and access the Individual Income Tax Tables for 2013. Compare your calculated results with those from the tables. Enter the results from the tax table next to your calculated results in the Excel worksheet.
Attachment:- Template.rar