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 $86,000 in salary She received $17,000 of dividend income She received $8,100 of interest income on Home Depot bonds She received $23,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,200 She received $10,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,200 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 Microsoft Excel Online file below Open the spreadsheet and perform the required analysis to Assume that her tax rates are based on Table 3 5 The data has been collected in answer the questions below Open spreadsheet 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 c What is her average tax rate Round your answer to 2 decimal places B16 fx A B D E F G H 1 Personal taxes 2 3 Salary $86,000 00 Tax Table for Single Individuals Taxable income $17,000 00 $8,100 00 $23,500 00 $6,200 00 $10,000 00 S6,200 00 $4,000 00 $7,500 00 15 00 Percentage Amount Paid on Excess on Base Over Base $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 25 35 00 $413,200 00 $119 996 25 39 60 4 Dividend Income 5 Interest Income 6 LT Stock Sale 7 LT Stock Cost 8 ST Stock Sale 9 ST Stock Cost 10 Personal Exemption 11 Itemized Deductions 12 Apllicable Tax Rate on Dividends LT Capital Gains 13 14 a Calculation of Federal Tax Liability 15 Calculation of Taxable income 16 Salary 17 Interest Income 18 ST Capital Gains 19 Income before Exemption and Deductions 20 Personal Exemption 21 Itemized Deductions 22 Taxable income before Dividends LT Capital Gains 23 24 Taxes on Taxable income Before Dividends LT Capital Gains 25 Tax Liability on Base of Bracket 26 Tax Liability on Excess over Base 27 Tax on Taxable income before Dividends LT Capital Gains 28 29 Taxes on Dividends LT Capital Gains 30 Dividend Income 31 LT Capital Gains Income 32 Total Dividend IT Capital Gains Income Formulas N A N A N A N A N A N A N A N A N A N A N A N A N A N A N A N A N A N A N A N A 24 Taxes on Taxable Income Before Dividends LT Capital Gains 25 Tax Liability on Base of Bracket 26 Tax Liability on Excess over Base 27 Tax on Taxable Income before Dividends LT Capital Gains 28 29 Taxes on Dividends LT Capital Gains 30 Dividend Income 31 LT Capital Gains Income 32 Total Dividend LT Capital Gains Income 33 Tax on Dividends LT Capital Gains Income 34 35 Total Federal Tax Liability 36 37 b Calculation of Marginal Tax Rate 38 Marginal Tax Rate 39 40 c Calculation of Average Tax Rate 41 Average Tax Rate 42 43 44 N A N A N A

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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 $86,000 in salary  She received $17,000 of dividend income  She received $8,100 of interest income on Home Depot bonds    She received $23,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,200  She received $10,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,200  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  Microsoft Excel Online file below  Open the spreadsheet and perform the required analysis to Assume that her tax rates are based on Table 3 5  The data has been collected in answer the questions below  Open spreadsheet 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    c  What is her average tax rate  Round your answer to 2 decimal places  B16 fx A B D E F G H 1 Personal taxes 2 3 Salary $86,000 00 Tax Table for Single Individuals  Taxable income $17,000 00 $8,100 00 $23,500 00 $6,200 00 $10,000 00 S6,200 00 $4,000 00 $7,500 00 15 00  Percentage Amount Paid on Excess on Base Over Base $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 25 35 00  $413,200 00 $119 996 25 39 60  4 Dividend Income 5 Interest Income 6 LT Stock Sale 7 LT Stock Cost 8 ST Stock Sale 9 ST Stock Cost 10 Personal Exemption 11 Itemized Deductions 12 Apllicable Tax Rate on Dividends   LT Capital Gains 13 14 a  Calculation of Federal Tax Liability 15 Calculation of Taxable income  16 Salary 17 Interest Income 18 ST Capital Gains 19 Income before Exemption and Deductions 20 Personal Exemption 21 Itemized Deductions 22 Taxable income before Dividends   LT Capital Gains 23 24 Taxes on Taxable income Before Dividends   LT Capital Gains  25 Tax Liability on Base of Bracket 26 Tax Liability on Excess over Base 27 Tax on Taxable income before Dividends   LT Capital Gains 28 29 Taxes on Dividends   LT Capital Gains  30 Dividend Income 31 LT Capital Gains Income 32 Total Dividend   IT Capital Gains Income Formulas  N A  N A  N A  N A  N A  N A  N A  N A  N A  N A  N A  N A  N A  N A  N A  N A  N A  N A  N A  N A 24 Taxes on Taxable Income Before Dividends   LT Capital Gains  25 Tax Liability on Base of Bracket 26 Tax Liability on Excess over Base 27 Tax on Taxable Income before Dividends   LT Capital Gains 28 29 Taxes on Dividends   LT Capital Gains  30 Dividend Income 31 LT Capital Gains Income 32 Total Dividend   LT Capital Gains Income 33 Tax on Dividends   LT Capital Gains Income 34 35 Total Federal Tax Liability 36 37 b  Calculation of Marginal Tax Rate 38 Marginal Tax Rate 39 40 c  Calculation of Average Tax Rate 41 Average Tax Rate 42 43 44  N A  N A  N A

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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

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