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 $73,000 in salary She received $11,000 of dividend income She received $6,500 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 $6,100 She received 10,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $4,400 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 belovw a. What is Mary's federal tax liabiity? 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 ate? Round your answer to 2 decimal places. Personal taxes Salary $73,000.00 Tax Table for Single Individuals Amount Paidon Excess over Base Dividend Income Interest Income LT Stock Sale $11,000.00 $6,500.00 $22,000.00 $6,100.00 $10,000.00 54,400.00 $4,000.00 $7,500.00 15.00% Taxable Income on Base S0.00 922.50 $5,156.25 $90,750.00$18,481.25 $189,750.00 $46,075.25 $411,500.00 $119,401.25 $413,200.00 $119,996.25 S0.00 $9,225.00 $37.450.00 10 00% 15 0096 25 00% 28.00% 33.00% 35.00% 39 60% LT Stock Cost ST Stock Sale ST Stock Cost Apllicable Tax Rate on Dividends & LT Capital Gains a. Calculation of Federal Tax Liability Calculation of Taxable Income | Salary 7 Interest Income Formulas #N/A #N/ A #N/A #N/A ST Capital Gains Income before Exemption and Deductions Personal Exemption #N/ A Taxable Income before Dividends & LT Capital Gains Taxes on Taxable Income Betore Dividends< Capital Gains Tax Liability on Base of Bracket Tax Liability on Excess over Base 7Tax on Taxable Income before Dividends & LT Capital Gains #N/A 9 Taxes on Dividends < Capital Gains Dividend Income LT Capital Gains Income #N/A #N/A Total Dividend& LT Capital Gains Income Tax on Dividends& LT Capital Gains Income Total Federal Tax Liability b. Calculation of Marginal Tax Rate 3 Marginal Tax Rate c. Calculation of Average Tax Rate Average Tax Rate