Excel Online Structured Activity: Personal taxes 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 $12,500 of dividend income. - She received $3,100 of interest income on Home Depot bonds. - She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,900. - She received $8,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,300. - 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. x Open spreadsheet 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. % \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & A & B & c & D & E & F & G & H \\ \hline 1 & Personal taxes & & & & & & & \\ \hline \multicolumn{9}{|l|}{2} \\ \hline 3 & Salary & & & Tax Table for Single Individuals: & & & & \\ \hline 4 & Dividend Income & $12,500.00 & & Taxable Income & \begin{tabular}{c} Amount Paid \\ on Base \end{tabular} & \begin{tabular}{l} Percentage \\ on Excess \\ over Base \end{tabular} & & \\ \hline 5 & Interest Income & $3,100.00 & & $0.00 & $0.00 & 10.00% & & \\ \hline 6 & LT Stock Sale & $22,000.00 & & $9,225.00 & $922.50 & 15.00% & & \\ \hline 7 & LT Stock Cost & $6,900.00 & & $37,450,00 & $5,156.25 & 25.00% & & \\ \hline 8 & ST Stock Sale & $8,000,00 & & $90,750,00 & $18,481.25 & 28,00% & & \\ \hline 9 & ST Stock Cost & $7,300.00 & & $189,750.00 & $46,075.25 & 33.00% & & \\ \hline 10 & Personal Exemption & $4,000.00 & & $411,500.00 & $119,401.25 & 35.00% & & \\ \hline 11 & Itemized Deductions & $7,500,00 & & $413,200,00 & $119.996.25 & 39.60% & & \\ \hline 12 & Aplicable Tax Rate on Dividends \& LT Capital Gains & 15.00% & & & & & & \\ \hline \\ \hline \multicolumn{9}{|c|}{14 a. Calculation of Federal Tax Llability } \\ \hline 15 & Catculation of Taxable Income: & & & Formulas & & & & \\ \hline 16 & Salary & & & /A & & & & \\ \hline 17 & Interest Income & & & /A & & & & \\ \hline 18 & ST Capital Gains & & & \#N/A & & & & \\ \hline 19 & Income before Exemption and Deductions & & & WNIA & & & & \\ \hline 20 & Personal Exemption & & & \#N/A & & & & \\ \hline 21 & Itemized Deductions & & & WN/A & & & & \\ \hline 22 & Taxable income before Dividends \& LT Capital Gains & & & /A & & & & \\ \hline \multicolumn{9}{|l|}{23} \\ \hline 24 & Taxes on Taxable Income Before Dividends \& LT Capital Gains: & & & & & & & \\ \hline 25 & Tax Liability on Base of Bracket & & & /A & & & & \\ \hline 26 & Tax Llability on Excess over Base & & & WN/A & & & & \\ \hline 27 & Tax on Taxabie Income before Dividends \& LT Capital Gains & & & /A & & & & \\ \hline \\ \hline 29 & Taxes on Dividends \& LT Capital Gains: & & & & & & & \\ \hline 30 & Dividend Income & & & /A & & & & \\ \hline 31 & LT Capital Gains Income & & & N/A & & & & \\ \hline 32 & Total Dividend \& LT Capital Gains Income & & & HN/A & & & & \\ \hline 33 & Tax on Dividends \& LT Capital Gains Income & & & /A & & & & \\ \hline \multicolumn{9}{|l|}{34} \\ \hline 35 & Total Federal Tax Liability & & & /A & & & & \\ \hline \multicolumn{9}{|l|}{36} \\ \hline 37 & D. Calculation of Marginal Tax Rate & & & & & & & \\ \hline 38 & Marginal Tax Rate & & & & & & & \\ \hline \multicolumn{9}{|c|}{39.} \\ \hline 40 & c. Calculation of Average Tax Rate & & & & & & & \\ \hline 41 & Average Tax Rate & & & \#N/A & & & & \\ \hline \multicolumn{9}{|l|}{42} \\ \hline \multicolumn{9}{|l|}{43} \\ \hline 44 & & & & & & & & \\ \hline 45 & & & & & & & & \\ \hline \end{tabular}