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 $124,000 in salary. - She received $16,000 of dividend income. - She recelved $3,600 of interest income on Home Depot bonds. - She recelved $24,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,700. - She recelved $10,500 from the sale of Google stock that was purchascd 6 months prior to the sale at a cost of $5,700. - 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. Salary a. Calculation of Federal Tax Llability Calculation of Taxable income: Salary Interest Income ST Capital Gains Income before Exemption and Doductions: Personal Exemption liemized Deductions Taxable Income before Dividends \& LT Capital Gains. Taxes on Taxable income Before Dividends 8 LT Capial Gains: Tax Liability on Base of Bracket Tax Lablity on Excess over Base Tax on Taxable Income before Dividends 8 LT Capital Gains: Taxes on Dividonds \& LT Capital Gains: Dividend Income LT Capial Gains income Total Dividend \& LT Capital Gains income Tax on Dividends 2 . LT Capital Gains Income Total Federal Tax Liability b. Calculation of Marginal Tax Rate Marginal Tax Rate c. Calculation of Average Tax Rate Averoge Tax Rale