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 $128,000 in salary. She received $19,500 of dividend income. She received $6,200 of interest income on Home Depot bonds. She received $24,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,300. She received $8,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,900. 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 Personal taxes Salary $128.000. Dividend Income $19,500.0 Interest Income $6.200.00 LT Stock Sale $24.500.0 LT Stock Cost $5.300.00 ST Stock Sale $8.500.00 ST Stock Cost $6.900.00 Personal Exemption $4.000.00 Itemized Deductions $7.500.00 Apllicable Tax Rate on Dividends & LT Capital Gai 15.00% Tax Table for Single Individuals: Amount Percentag Paid on e on Taxable income Base Excess $0.00 $0.00 10.00% $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 33.00% $411.500.00 $119.401.2 35.00% $413.200.00 $119.996.2 39.60% a. Calculation of Federal Tax Liability Calculation of Taxable income: Salary Interest Income ST Capital Gains Income before Exemption and Deductions Personal Exemption Itemized Deductions Taxable Income before Dividends & LT Capital Formulas #N/A #N/A #N/A #N/A #N/A #N/A #N/A Taxes on Taxable income Before Dividends <O Tax Liability on Base of Bracket Tax Liability on Excess over Base Tax on Taxable income before Dividends & LT C #N/A #N/A #N/A Taxes on Dividends & LT Capital Gains: Dividend Income LT Capital Gains Income Total Dividend & LT Capital Gains Income Tax on Dividends & LT Capital Gains Income #N/A #N/A #N/A #N/A Total Federal Tax Liability #N/A b. Calculation of Marainal Tax Rate Marginal Tax Rate #N/A c. Calculation of Average Tax Rate Average Tax Rate #N/A 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 $128,000 in salary. She received $19,500 of dividend income. She received $6,200 of interest income on Home Depot bonds. She received $24,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,300. She received $8,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,900. 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 Personal taxes Salary $128.000. Dividend Income $19,500.0 Interest Income $6.200.00 LT Stock Sale $24.500.0 LT Stock Cost $5.300.00 ST Stock Sale $8.500.00 ST Stock Cost $6.900.00 Personal Exemption $4.000.00 Itemized Deductions $7.500.00 Apllicable Tax Rate on Dividends & LT Capital Gai 15.00% Tax Table for Single Individuals: Amount Percentag Paid on e on Taxable income Base Excess $0.00 $0.00 10.00% $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 33.00% $411.500.00 $119.401.2 35.00% $413.200.00 $119.996.2 39.60% a. Calculation of Federal Tax Liability Calculation of Taxable income: Salary Interest Income ST Capital Gains Income before Exemption and Deductions Personal Exemption Itemized Deductions Taxable Income before Dividends & LT Capital Formulas #N/A #N/A #N/A #N/A #N/A #N/A #N/A Taxes on Taxable income Before Dividends <O Tax Liability on Base of Bracket Tax Liability on Excess over Base Tax on Taxable income before Dividends & LT C #N/A #N/A #N/A Taxes on Dividends & LT Capital Gains: Dividend Income LT Capital Gains Income Total Dividend & LT Capital Gains Income Tax on Dividends & LT Capital Gains Income #N/A #N/A #N/A #N/A Total Federal Tax Liability #N/A b. Calculation of Marainal Tax Rate Marginal Tax Rate #N/A c. Calculation of Average Tax Rate Average Tax Rate #N/A
