chapter 6 first person got it wrong

Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: - She received $107,000 in salary. - She received $12,000 of dividend income. - She received $5,300 of interest income on Home Depot bonds. - She received $24,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,900. - She received $13,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $4,000. - Mary receives one exemption ($4,000), and she has allowable itemized deductions of $7,500. These amounts will be deducted from her gross income to determine her taxable income. Assume that her tax rates are based on Table 3.5. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. Table 3.5 2015 Individual Tax Rates Single Individuals Married Couples Filing Joint Returns \begin{tabular}{|c|c|c|c|c|c|c|} \hline A & B. & \multirow[t]{2}{*}{ c. } & \multicolumn{2}{|l|}{ D } & E & F \\ \hline Personal taxes & & & & & & \\ \hline & & & & & & \\ \hline Salary & $107,000,00 & & Tax Table for Single Individuals: & & & \\ \hline Dividend Income & $12,000.00 & & Taxable income & & \begin{tabular}{c} Amount Paid \\ on Base \end{tabular} & \begin{tabular}{l} Percentage \\ on Excess \\ over Base \end{tabular} \\ \hline Interest income & $5.300.00 & & & $0.00 & $0.00 & 10.00% \\ \hline LT Stock Salo & $24,000.00 & & & $9.225.00 & $922.50 & 15.00% \\ \hline iT Stock Cost & $5,900.00 & & & $37,450,00 & $5,156.25 & 25.00% \\ \hline ST Slock Sale & $13,000,00 & & & $90,750,00 & $18,481.25 & 28.00% \\ \hline ST Stock Cost & $4,000.00 & & & $189,750.00 & $46.075.25 & 33.00% \\ \hline Porsonal Exemption & $4,000,00 & & & $411,500.00 & $119,401.25 & 35.00% \\ \hline hemired Deductions & $7,500,00 & & & $413.200.00 & $119.996.25 & 39.60% \\ \hline Aplicable Tax Rate on Dividends \& LT Captal Gains & 15.00% & & & & & \\ \hline a. Calculation of Federal Tax Liability & & & & & & \\ \hline Calculation of Taxabie income: & & & Formulas: & & & \\ \hline Satary & & & HN/A & & & \\ \hline interest income & & & HNiA & & & \\ \hline ST Capial Gains & & & HN/A & & & \\ \hline income befote Exemption and Doductions & & & IN/A & & & \\ \hline Personal Exemption & & & aN/A & & & \\ \hline liemized Doductions & & & nN/A & & & \\ \hline Taxable income bolore Dividends \& LT Captal Gains & & r & mN/A: & & & \\ \hline & & & & & & \\ \hline & & 1 & HNA & & & \\ \hline \end{tabular} a. What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round intermediate calculations. b. What is her marginal tax rate? Round your answer to 1 decimal place. % c. What is her average tax rate? Round your answer to 2 decimal places. %