Question
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
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 $108,000 in salary.
-She received $17,500 of dividend income.
-She received $7,000 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 $5,200.
-She received $11,500 from the sale of Google stock that was purchased 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.
-
What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round intermediate calculations.
$_____
-
What is her marginal tax rate? Round your answer to 1 decimal place.
_____%
-
What is her average tax rate? Round your answer to 2 decimal places.
_____%
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started