Video 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 $132,000 in salary. . She received $10,000 of dividend income. She received $6,700 of interest income on Home Depot bonds. She received $25,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,200. . She received $13,000 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 questions below. X Open spreadsheet a. What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round * Excel template Saved File Home Insert Formulas Data Review View Help Tell me what you want to do pco Arial 25 B 10 I Deb AAA Sort & Filter Paste $ % 9848 Insert Delete Format Conditional Format Cell Formatting as Table Styles Tables Find & Select so Clipboard Font Alignment Number Cells Editing 5 D Personal taxes E Salary $132,000.00 Tax Table for Single Individuals: Taxable income Dividend Income Interest Income LT Stock Sale LT Stock Cost ST Stock Sale ST Stock Cost Personal Exemption Itemized Deductions Apllicable Tax Rate on Dividends & LT Capital Gains $10,000.00 $6,700.00 $25,000.00 $5,200.00 $13,000.00 $6,900.00 $4,000.00 $7,500.00 15.00% Amount Paid on Base $0.00 $0.00 $9,225.00 $922.50 $37,450.00 $5,156.25 $90.750.00 $18,481.25 $189,750.00 $46,075.25 $411,500.00 $119,401.25 $413,200.00 $119,995.25 Percentage on Excess Over Base 10.00% 15.00% 25.00% 28.00% 33.00% 35.00% 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 Formulas MN/A #N/A N/A #N/A ANA Sheet1 a cost of $6,900. Mary receives one exemption ($4,000), and she has allowable itemized deductions of $7- 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 E file below. Open the spreadsheet and perform the required analysis to answer the questions belo X 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. % Check My Work Reset
