book Chapter 3 Financial Planning Exercise 1 Calculating marginal tax rates Amelia Hallis single and received the items and amounts of income shown as follows during 2018. Determine the marginal tax rate applicable to each item. Note that if the items not taxablt, the marginal rate is 0. Enter Tout the marginal rate naro. Assume that rental propery ghen is net rental income uter deductions. Refer to Exhibit 2.2 and Exhibit nd Item Salary Qualified dividends eft from mother Child support from ex-husband Interest on savings account Rental property Loan from bank Interest on state government bonds Amount Marginal Rate $69,000 950 700 2,900 200 550 1.000 500 EXHIBIT 3.2 Capital Gains Tax as of 2018 Short-term gains from the sale or exchange of property (investment assets not used in a business) and held for less than 12 months are taxed at the same rates as ordinary income (10%, 12%, 22% 24%, 32%, 35%, and 37%). Long-term gains from the sale or exchange of property held for more than 12 months are taxed as follows: Ordinary Tax Rate 10% or 12% 22%, 24%, 32%, or 35% 37% Alternative Capital Gains Tax Rate 096 15% 20% Single Taxable Income Tax Rate $0-$9,525 10% of taxable income $9,526-$38,700 $952.50 plus 12% of the amount over $9,525 $38,701-$82,500 $4,453.50 plus 22% of the amount over $38,700 $82,501-$157,500 $14,089.50 plus 24% of the amount over $82,500 $157,501-S200,000 $200,001-S500,000 $32,089.50 plus 32% of the amount over $157,500 $45,689.50 plus 35% of the amount over $200,000 $150,689.50 plus 37% of the amount over $500,000 $500,001 or more