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 $89,000 in salary. . She received $19,500 of dividend income. She received $8,000 of interest income on Home Depot bonds. She received $22,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,400. She received $8,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,600. 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. 4 $ b. What is her marginal tax rate? Round your answer to 1 decimal place. %
Excel Online Structured Activity: Personal taxes Mary Jarvis is a single individual who is workang on filing her tax return for the previous year. She has assombled the followng relevant information: - She recrived $89,000 in salary. - Sthe received $19,500 of dividend income. - She received $8,000 of interest income on Home Depot bonds. - She received $22,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,400 - She received $8,500 from the sale of coople stock that was purchesed 6 monthis prior to the sole at a cost of $7,600. - Mary recerves one exemption ($4,000), and she has allowable itemued deductions of $7,500. These ameunts will be deducted from her gross income to determine her taxable income. Awume that her tax nates are based on fable 3.5. The data has been collected in the Microseft fxcel Online file below. Open the spreadsheet and perform the requared analrus to answer the questons below. Open spreadsheet a. What is Mary's federal tax lisbity? Round your answer to the nearest cens. Do not round intermediate calculations. b. What is her marginal tax rate? Round vour answer to 1 decimal place. 23 24 xes an Taxablo income Before Dividends \& LT Capital Gains: 25 Liability on Base of Bracket 26 x Liability on Excess over Base 27 ax on Taxable Income before Dividends \& LT Capital Gains 28 29 xes on Dividends \& LT Capital Gains 30 vidend Income 31 Capital Gains Income 32. otal Dividend \& LT Capital Gains Income 33x on Dividends \& LT Capital Gains Income 34 35 tal Federal Tax Liability 36 37 Calculation of Marginal Tax Rate 38 arginal Tax Rate 39 40 Calculation of Average Tax Rate 41 erage Tax Rate 42. template - Saved Search(A)t+Q ) Home Insert Draw Page Layout Formulas Data Review View Help \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline A & B & C & D & & E & F. & G \\ \hline rsonal taxes & & & & & & & \\ \hline & & & & & & & \\ \hline & $8900000 & & Tax Table for Single Individuals: & & & & \\ \hline vidend Incorno & $19,50000 & & Taxablo Income & & \begin{tabular}{c} Amount Paid \\ on Baso \end{tabular} & \begin{tabular}{c} Percentago \\ on Excess \\ over Base \end{tabular} & \\ \hline terest income & $8,00000 & & & $000 & $000 & 1000% & \\ \hline & $22,50000 & & & $9.22500 & $922.50 & 1500% & \\ \hline & $5,40000 & & & $37,45000 & $5,156.25 & 2500% & \\ \hline IT Stock Salo & $8,50000 & & & $90,75000 & $18,48125 & 2800% & \\ \hline T Stock Cost & $7.60000 & & +2 & $189,75000 & $46,075,25 & 3300% & \\ \hline ersconal Exemption & $4,00000 & & & $411,500,00 & $119,401.25 & 3500% & \\ \hline lomized Deductions & $7,50000 & & & $413,20000 & $119,996.25 & 396096 & \\ \hline plicable Tax Rate on Dividends 81T Captal Gains. & 1500% & & - & & & & \\ \hline & & & & . & & & \\ \hline Calculation of Federal Tax Liability & & & & & ? & & \\ \hline Salculation of Taxable income: & & & Formulas & & & & \\ \hline Salary & & & HN/A & & & & \\ \hline nterest incorne & & & HNA & & & & \\ \hline 5T Captal Cains & & & IN/A & & & & \\ \hline Income before Exemption and Deductions & & & AN/A & & & & = \\ \hline Personel Exemption & & & iNVA & & & & \\ \hline lemurod Deductions & & & HNA & & & & \\ \hline Taxable income before Dividends \& L T Captal Gains & & & HNA & & & & \\ \hline & & & & & & & \\ \hline & & & EN/A & & & & \\ \hline Tax Luabdity on Exoess over Bose & & & \begin{tabular}{l} DNNA \\ INAA \end{tabular} & & & & \\ \hline \end{tabular} Excel Online Structured Activity: Personal taxes Mary Jarvis is a single individual who is workang on filing her tax return for the previous year. She has assombled the followng relevant information: - She recrived $89,000 in salary. - Sthe received $19,500 of dividend income. - She received $8,000 of interest income on Home Depot bonds. - She received $22,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,400 - She received $8,500 from the sale of coople stock that was purchesed 6 monthis prior to the sole at a cost of $7,600. - Mary recerves one exemption ($4,000), and she has allowable itemued deductions of $7,500. These ameunts will be deducted from her gross income to determine her taxable income. Awume that her tax nates are based on fable 3.5. The data has been collected in the Microseft fxcel Online file below. Open the spreadsheet and perform the requared analrus to answer the questons below. Open spreadsheet a. What is Mary's federal tax lisbity? Round your answer to the nearest cens. Do not round intermediate calculations. b. What is her marginal tax rate? Round vour answer to 1 decimal place
