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 $109,000 in salary. She recelved $19,000 of dividend income. She received $6,500 of interest income on Home Depot bonds. She received $21,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,500. She received $15,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $4,900. Mary receives one exemption ($4,000), and she has allowable iternized 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. 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. 28% c. What is her average tax rate? Round your answer to 2 decimal places % Salary $109,000.00 Tax Table for Single Individuals Taxable income Dividend Income 5 Interest Income LT Stock Sale LT Stock Cost ST Stock Sale ST Stock Cost 10 Personal Exemption 1 Temized Deductions 2 Aplicable Tax Rate on Dividends & LT Capital Gains $19.000.00 $6,500.00 $21,000.00 $6,500.00 $15,000.00 $4.900.00 $4,000.00 $7,500.00 15.00% Percentage Amount Paid on Excess on Base over Base $0.00 5000 1000% $9,225.00 $922.50 15.00% $37 450.00 $5,156.25 25 00% $90 750.00 $18,481 25 28.00% $189,750.00 $46,075 25 3300% $411,500.00 $119,401 25 35 00 $413,200.00 $119.996.25 39.60% Formulas 4 a. Calculation of Federal Tax Liability 15 Cakulation of Taxable income Salary 7 Interest income ST Capital Gains 19 Income before Exemption and Deductions 20 Personal Exemption tomized Deductions $109,000.00 $5,500.00 510 10000 $125 600.00 $4,000.00 $7.500 00 B3 35 18-89 SUM(B16 B18) 310 -811