Video Excel Online Structured Activity: Personal taxes Mary Jarvis Is a single individual who is working on filling her tax return for the previous year. She has assembled the following relevant information: She received $131,000 in salary. . She received $17,500 of dividend income. She received $6,400 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 $5,700. . She received $9,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,600. 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.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. X HHH 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. Table 3.5 2015 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $9,225 $9,225-$37,450 $37,450 $90,750 $90,750-$189,750 $189,750-S411,500 $411,500-SS413,200 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 S18.450-574,900 $74.900-5151,200 S151,200-$230,450 S230,450-$411.500 S411,500-$464.850 Over $464,850 You Pay This Amount on the Base of the Bracket s 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 D Personal taxes F G Salary $131,000.00 Tax Table for Single Individuals: Taxable income $17500.00 $6,400.00 $21 000.00 $5.700.00 $9.000.00 56.600.00 54000.00 $7,500.00 15.004 $0.00 $9 225.00 $37.450.00 $90 750.00 $189.750,00 5411,500.00 $413,200.00 Amount Paid on Base $0.00 5922.50 55,156.25 $18.481-25 $46.075.25 $119.401.25 5119 99625 Percentage on Excess over Base 10.00% 15.00 25.00% 28.00 33.00 35.00% 39.609 Dividend Income Interest Income 5LT Stock Sale 7 LT Stock Cost ST Stock Sale ST Stock Cost 10 Personal Exemption 11 itemized Deductions 12 Aplicable 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 remption and Deductions 20 Personal Exemption 21 Itemced Deductions 2 Taxable income before Dividends & LT Capital Gains 23 24 Taves on Taxable income Before Dividends & LT Capitol Coins 25 Tax Liability on Base of Bracket 26 Tax Uability on Excess over Base Formules *N/A AN/A ANJA =N/A ANA ANA #N/A N/A =N/A Sheet1 Video Excel Online Structured Activity: Personal taxes Mary Jarvis Is a single individual who is working on filling her tax return for the previous year. She has assembled the following relevant information: She received $131,000 in salary. . She received $17,500 of dividend income. She received $6,400 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 $5,700. . She received $9,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,600. 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.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. X HHH 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. Table 3.5 2015 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $9,225 $9,225-$37,450 $37,450 $90,750 $90,750-$189,750 $189,750-S411,500 $411,500-SS413,200 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 S18.450-574,900 $74.900-5151,200 S151,200-$230,450 S230,450-$411.500 S411,500-$464.850 Over $464,850 You Pay This Amount on the Base of the Bracket s 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 D Personal taxes F G Salary $131,000.00 Tax Table for Single Individuals: Taxable income $17500.00 $6,400.00 $21 000.00 $5.700.00 $9.000.00 56.600.00 54000.00 $7,500.00 15.004 $0.00 $9 225.00 $37.450.00 $90 750.00 $189.750,00 5411,500.00 $413,200.00 Amount Paid on Base $0.00 5922.50 55,156.25 $18.481-25 $46.075.25 $119.401.25 5119 99625 Percentage on Excess over Base 10.00% 15.00 25.00% 28.00 33.00 35.00% 39.609 Dividend Income Interest Income 5LT Stock Sale 7 LT Stock Cost ST Stock Sale ST Stock Cost 10 Personal Exemption 11 itemized Deductions 12 Aplicable 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 remption and Deductions 20 Personal Exemption 21 Itemced Deductions 2 Taxable income before Dividends & LT Capital Gains 23 24 Taves on Taxable income Before Dividends & LT Capitol Coins 25 Tax Liability on Base of Bracket 26 Tax Uability on Excess over Base Formules *N/A AN/A ANJA =N/A ANA ANA #N/A N/A =N/A Sheet1