Excel Online Structured Activity: Personal taxes Mary Jarvis is a single individual who is working on filling her tax return for the previous year. She has assembled the following relevant information: She received $131,000 in salary She received $14,000 of dividend Income She received $7,500 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 $6,200 She received $10,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,300 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. X2 IHAH Open spreadsheet a. What is Mary's federal tax lability? 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 D Taxable income $14,000.00 $7,500.00 $24,000.00 $6.200.00 $10,500.00 $6,300.00 $4,000.00 $7,500.00 15.00% E Amount Paid on Excess on Base over Base $0.00 $0.00 10.00% $9,225.00 $92250 15.00% $37.450.00 55,156.25 25.00% $90,750.00 $18.481.25 28.00% $189.750.00 $46,075.25 33.00% $411,500.00 $119.401.25 35.00% $413,200.00 $119.996.25 39.60% Formulas NA WNIA WNA NA N/A NN/A WNIA 4 Dividend Income 5 Interest Income 6 LT Stock Sale 7 LT Stock Cost 8 ST Stock Sale 9 ST Stock Cost 30 Personal Exemption 11 Tomized Deductions 12 Aplicable Tax Rate on Dividends & LT Capital Gains 13 24. Calculation of Federal Tax Liability 15 Calculation of Taxable income: 26 Salary 17 Interest income 18 ST Capital Gains 9 Income before Exomotion and Deductions "O Personal Exemption 1 Homized Deductions 2 Taxable income before Dividends & LT Capital Gains 3 Taxes on Table income Before Dividende & Capital Gains: 5 Tax Liability on Base of Bracket "Tax Liability on Excess over Base : Tax on Taxable Income before Dividends & LT Capital Gains 8 Taxos on Dividende & LT Capital Gains: Dividend Income 1 LT Capital Gains Income 2 Total Dividend & LT Captal Gains Income 3 Taxon Dividends & LT Capital Gain Income 4 Total Federal Tax Liability 6 7. Calculation of Marginal Tax Rate 8 Marginal Tax Rate 9 c. Calculation of Average Tax Rate Average Tax Rate 2 0 WNA INA WNIA WNA #N/A #N/A WNA WNA WNA WNA