Mary Jarvis is a single individual who is working on ting her tax return for the previous year. She has assembled the following relevant information: She received $131,000 in salary. She received $13.500 of dividend Income. She received $8,760 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 $13,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,800. 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 2.s. 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. Open spreadsheet a. 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. c. What is her average tax rate Round your answer to 2 decimal places, Check My Work Reset Problem Table 3.5 2015 Individual Tax Rates Single Individuals If Your Taxable Income is Up to $9,225 $9,225-537.450 $37.450-$90,750 $90.750-$189.750 $189,7505411 500 S411,500-S5413,200 Over $413,200 You Pay This Amount on the Base of the Bracket $ 0 922.50 5,156.25 18,481.25 46,075.25 119,401.25 119.996.25 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 15.0 25.0 28.0 33.0 35.0 39.6 Average Tax Rate at Top of Bracket 10.0% 13.8 20.4 24.3 29.0 29.0 39.6 Married Couples Filing Joint Returns If Your Taxable Income Is Up to $18,450 S18,450-$74.900 S74.900-5151,200 S151.200-S230,450 S230,450-$411.500 S411,500-$464.850 Over S464.850 You Pay This Amount on the Base of the Bracket 0 1.845.00 10.312.50 29,387.50 51.577.50 111 324.00 129.996,50 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 15.0 25.0 28.0 33.0 35.0 39.6 Average Tax Rate at Top of Bracket 10.0% 13.8 19.4 22.4 27.1 28.0 39.6 E 3 Salary D Tax Table for Single Individuals Taxable income $13,500.00 $8.700.00 $24,500.00 $5,200.00 $13,500.00 $7.800.00 $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 S922.50 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 $110,998.25 39.60% 4 Dividend Income 5 Interest income 6 LT Stock Sale 7 LT Slock Cost ST Stock Sale 9 ST Stock Cost 10 Personal Exemption 11 Itemized Deductions 12 Aplicable Tax Rate on Dividends & LT Capital Gains 13 Calculation of Federal Tax Liability Calculation of Taxable income 16 Salary 17 Interest income 13 ST Capital Gains 15 Income before Exemption and Deduction 20 Personal Exemption 21 Hemed Deductions Taxable income before Dividends & LT Capital Gain H Times on Taxable income Before Dividende run 23 Te Laby on Base of Bracket 26 Tes Liability on Exo over Base Taxonal income before Dividends & LT Capitalisins Forma ANA WNIA MNYA WNIA WNA WNIA ANIA WNIA MNA WNIA Tes on Dividends LT Catalans Dan income 31 LT Cape Income To Dividend & LT Captain Income 11 Tax Dividends LT Captain income ANJA WNIA NIA Federal Tax Lay ANIA CAT B Sheet1 + Workbook at Mary Jarvis is a single individual who is working on ting her tax return for the previous year. She has assembled the following relevant information: She received $131,000 in salary. She received $13.500 of dividend Income. She received $8,760 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 $13,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,800. 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 2.s. 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. Open spreadsheet a. 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. c. What is her average tax rate Round your answer to 2 decimal places, Check My Work Reset Problem Table 3.5 2015 Individual Tax Rates Single Individuals If Your Taxable Income is Up to $9,225 $9,225-537.450 $37.450-$90,750 $90.750-$189.750 $189,7505411 500 S411,500-S5413,200 Over $413,200 You Pay This Amount on the Base of the Bracket $ 0 922.50 5,156.25 18,481.25 46,075.25 119,401.25 119.996.25 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 15.0 25.0 28.0 33.0 35.0 39.6 Average Tax Rate at Top of Bracket 10.0% 13.8 20.4 24.3 29.0 29.0 39.6 Married Couples Filing Joint Returns If Your Taxable Income Is Up to $18,450 S18,450-$74.900 S74.900-5151,200 S151.200-S230,450 S230,450-$411.500 S411,500-$464.850 Over S464.850 You Pay This Amount on the Base of the Bracket 0 1.845.00 10.312.50 29,387.50 51.577.50 111 324.00 129.996,50 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 15.0 25.0 28.0 33.0 35.0 39.6 Average Tax Rate at Top of Bracket 10.0% 13.8 19.4 22.4 27.1 28.0 39.6 E 3 Salary D Tax Table for Single Individuals Taxable income $13,500.00 $8.700.00 $24,500.00 $5,200.00 $13,500.00 $7.800.00 $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 S922.50 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 $110,998.25 39.60% 4 Dividend Income 5 Interest income 6 LT Stock Sale 7 LT Slock Cost ST Stock Sale 9 ST Stock Cost 10 Personal Exemption 11 Itemized Deductions 12 Aplicable Tax Rate on Dividends & LT Capital Gains 13 Calculation of Federal Tax Liability Calculation of Taxable income 16 Salary 17 Interest income 13 ST Capital Gains 15 Income before Exemption and Deduction 20 Personal Exemption 21 Hemed Deductions Taxable income before Dividends & LT Capital Gain H Times on Taxable income Before Dividende run 23 Te Laby on Base of Bracket 26 Tes Liability on Exo over Base Taxonal income before Dividends & LT Capitalisins Forma ANA WNIA MNYA WNIA WNA WNIA ANIA WNIA MNA WNIA Tes on Dividends LT Catalans Dan income 31 LT Cape Income To Dividend & LT Captain Income 11 Tax Dividends LT Captain income ANJA WNIA NIA Federal Tax Lay ANIA CAT B Sheet1 + Workbook at