yes, of course it's possible...everything is possible (almost)...how bad do you want it?
What you're looking at is a way nasty set of nested "If" statements or an "almost as nasty but not quite" Case() function in your calculated field. If you're only doing yours, don't bother. If you're writing an app for 1000's of folks...go for it.
Yes, it's possible...not even very tricky...just plain old real, real LONG.
have fun with it!
Edit addition: It occurs to me that the tax tables are only one way to calculate tax, there is also a formula provided using a base rate and a percentage of income above a threshold. Why would you want to use the tax tables? Use the formula instead. Please note that I am not an accountant or in any authoritative role related to taxation, I just pay 'em.