Part 2    
Marks will be given only using self-defined function  
    
 tax_type = 1tax_type = 2 
Taxable incomeIncome tax rates for everyPAYE rates for every 
 $1 of taxable income$1 of taxable income 
 (excluding ACC earners' levy)(including ACC earners' levy) 
up to $14,00010.50%12.20% 
from $14,001 to $48,00017.50%19.20% 
from $48,001 to $70,00030%31.70% 
$70,001 and over33%34.70% 
* Source is from IRD website   
    
    
    
    
Test your function below    
    
 Test your function below:
Income ($)Tax_Type 1 Tax_Type 2Initial Setting
 12 
0=TAX_CAL($A$21,B20)=TAX_CAL($A$21,C20)=TAX_CAL($A$21)
-1000   
14000   
45000   
48000   
700002   
    
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    FIN 515

    Part 2
    Marks will be given only using self-defined function
    tax_type = 1tax_type = 2
    Taxable incomeIncome tax rates for everyPAYE …