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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 $$87,000$ in salary.

She received $$20,000$ of dividend income.

She received $$7,300$ of interest income on Home Depot bonds.

She received $$24,000$ from the sale of Disney stock that was purchased $2$ years prior to the sale at a cost of $$6,500.$

She received $$8,500$ from the sale of Google stock that was purchased $6$ months prior to the sale at a cost of $$4,700.$

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.

$\%$