Option 2: Tax Formula Elements 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 2017. 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 2017. 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. Requirements: Clearly identify the requirements being addressed. Show all calculations within the cells of the provided Excel spreadsheet. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions. Submit a single MS Excel file for grading. Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.