y: Personal taxes 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 $126,000 in salary. She received $14,500 of dividend income. She received $6,300 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 $5,600 She received $8,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,100 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 questions below. X1 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. X % C. What is her average tax rate? Round your answer to 2 decimal places. % Personal taxes Salary $126,000.00 Tax Table for Single Individuals Taxable income 4 Dividend Income Interest income 6 LT Stock Sale LT Stock Cost 8 ST Stock Sale 9 ST Stock Cost 10 Personal Exemption 11 med Deductions 12 Aplicable Tax Rate on Dividends & LT Capital Gains $14 500 00 $6,300.00 $21,000.00 $5,000.00 SR 500.00 $6.100.00 $4.000.00 $7500.00 15.00% $0.00 $9.225.00 $37,450.00 $20.750.00 $189,750.00 5411,500.00 5413,200.00 Arnout Paid on Buse $0.00 $922 50 $5,156.25 $18.48125 $46,075 25 $119.40125 $119,096 25 Percentage on Excess over Base 10005 15.00% 25.00% 28.00% 35.00% 39 50% y: Personal taxes 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 $126,000 in salary. She received $14,500 of dividend income. She received $6,300 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 $5,600 She received $8,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,100 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 questions below. X1 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. X % C. What is her average tax rate? Round your answer to 2 decimal places. % Personal taxes Salary $126,000.00 Tax Table for Single Individuals Taxable income 4 Dividend Income Interest income 6 LT Stock Sale LT Stock Cost 8 ST Stock Sale 9 ST Stock Cost 10 Personal Exemption 11 med Deductions 12 Aplicable Tax Rate on Dividends & LT Capital Gains $14 500 00 $6,300.00 $21,000.00 $5,000.00 SR 500.00 $6.100.00 $4.000.00 $7500.00 15.00% $0.00 $9.225.00 $37,450.00 $20.750.00 $189,750.00 5411,500.00 5413,200.00 Arnout Paid on Buse $0.00 $922 50 $5,156.25 $18.48125 $46,075 25 $119.40125 $119,096 25 Percentage on Excess over Base 10005 15.00% 25.00% 28.00% 35.00% 39 50%
