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 $109,000 in salary. She received $16,500 of dividend income. She received $5,000 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 $6,700. She received $11,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,300. 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. Open spreadsheet a. What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round intermedilate calculations. b. What is her marginal tax rate? Round your answer to1 decimal place. C. What is her average tax rate? Round your answer to 2 decimal places. Recet Problem Check My Work Back Celis Editing A. Personal taxes Salary $109.000.00 Tax Table for Single Individuals: Percentage on Excess over Base 10.00% 15.00% 25.00% 28.00% 33.00% 4. Amount Paid on Base $0.00 Dividend Income Interest Income LT Stock Sale 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 $16,500.00 $5,000.00 $24,000.00 $6,700.00 $11,500.00 $7.300.00 $4,000.00 Taxable Income So 00 $9 225.00 $37 450.00 $90 750.00 $189,750.00 $411,500.00 $413,200.00 $119,996 25 $922 50 7. $5, 156.25 $18.481.25 $46,075 25 $119 401.25 35.00% $7,500.00 15.00% 39.60% Formulas #N/A Interest Income 18 ST Capital Gains Income before Exemption and Deductions 20 Personal Exemption Itemized Deductions #NIA #NIA 19 #NIA #N/A 21 #N/A #N/A Taxable Income before Dividends & LT Capital Gains 22 23 Taxes on Tarable Income Before Dividends & LT Capital Gains 24 Tax Liabity on Base of Bracket 26 Tax Liablity on Excess over Base 27 25 #N/A #NIA Tax on Taxable income before Dividends & LT Capital Gains AN/A 28 29 Taxes on Drvidends < Capital Gains 30 Dividend Income 31 #N/A LT Capital Gains Income 32 #N/A ENIA Total Dividend & LT Capital Gains Income Tax on Dividends & LT Capital Gains Income 33 #N/A 34 Total Federal Tax Liabity 35 #NIA 36 b. Calculation of Marginal Tax Rate 38 Marginal Tax Rate 39 40 37 #N/A C. Calculation of Average Tax Rate Average Tax Rate 42 43 41 %3B Sheet1 Saved to Cergage Type here to search HLL 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 $109,000 in salary. She received $16,500 of dividend income. She received $5,000 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 $6,700. She received $11,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,300. 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. Open spreadsheet a. What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round intermedilate calculations. b. What is her marginal tax rate? Round your answer to1 decimal place. C. What is her average tax rate? Round your answer to 2 decimal places. Recet Problem Check My Work Back Celis Editing A. Personal taxes Salary $109.000.00 Tax Table for Single Individuals: Percentage on Excess over Base 10.00% 15.00% 25.00% 28.00% 33.00% 4. Amount Paid on Base $0.00 Dividend Income Interest Income LT Stock Sale 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 $16,500.00 $5,000.00 $24,000.00 $6,700.00 $11,500.00 $7.300.00 $4,000.00 Taxable Income So 00 $9 225.00 $37 450.00 $90 750.00 $189,750.00 $411,500.00 $413,200.00 $119,996 25 $922 50 7. $5, 156.25 $18.481.25 $46,075 25 $119 401.25 35.00% $7,500.00 15.00% 39.60% Formulas #N/A Interest Income 18 ST Capital Gains Income before Exemption and Deductions 20 Personal Exemption Itemized Deductions #NIA #NIA 19 #NIA #N/A 21 #N/A #N/A Taxable Income before Dividends & LT Capital Gains 22 23 Taxes on Tarable Income Before Dividends & LT Capital Gains 24 Tax Liabity on Base of Bracket 26 Tax Liablity on Excess over Base 27 25 #N/A #NIA Tax on Taxable income before Dividends & LT Capital Gains AN/A 28 29 Taxes on Drvidends < Capital Gains 30 Dividend Income 31 #N/A LT Capital Gains Income 32 #N/A ENIA Total Dividend & LT Capital Gains Income Tax on Dividends & LT Capital Gains Income 33 #N/A 34 Total Federal Tax Liabity 35 #NIA 36 b. Calculation of Marginal Tax Rate 38 Marginal Tax Rate 39 40 37 #N/A C. Calculation of Average Tax Rate Average Tax Rate 42 43 41 %3B Sheet1 Saved to Cergage Type here to search HLL