Question: I need Help does anybody knwo this ? I need help ! Does anyone know how to solve thsi problem ? A Excel Online Structured



A 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: Q She received $136,000 in salary. She received $13,500 of dividend income. . She received $5,600 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 $6,800 She received $11,000 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 3.5. 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 intermediate calculations. $ b. What is her marginal tax rate? Round your answer to 1 decimal place, Numeric field c. What is her average tax rate? Round your answer to 2 decimal places. 26 Security w warning Emerging cyber-attack techniques threaten devi worldwide and may leth Personal taxes 1 2 Salary WWW Tax Table for Single Individuals: Taxable income $13,500.00 $5,600.00 $21,000.00 $6,800.00 511,000.00 $6,600,00 $4,000.00 $7,500.00 15.00% Percentage Amount Pald on Excens on Base over Bane $0.00 $0.00 10.00% 19.225.00 $922 50 15.00% $37 450.00 $5,156.25 25.00% $90.750.00 $18.481 25 28.00% $189.750.00 $46,075 25 33.00% 3411,500.00 $119,401 25 35.00% $413,200.00 $119.996 25 39 60%. 1 Dividend Income 5 Interest Income 5 LT Stock Sale 7 LT Stock Cost 3 ST Stock Sale 9 ST Stock Cost 10 Personal Exemption 1 Itemired 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 12 Interest Income 18 ST Capital Gains 79 Income before Exemption and Deductions 20 Personal Exemption 21 Nomizod Deductions $5,600.00 Formulas WNUA MNIA WNIA INA ANTA WNIA Sheet1 + B Calculation Mode: Automatic Workbook Statistics alia $5,500.00 WNIA GUA WNIA MINIA NNA ANIA GNIA WNIA MINIA UNIA 16 Salary 17 Interest Income 18 ST Capital Gains 19 Income before Exemption and Deductions 20 Personal Exemption 21 temized Deductions 22 Taxable income before Dividends & LT Capital Gains 23 24 Taxes on Taxable income Before widends & LT Capital Gains 25 Tax Liability on Base of Bracket 26 Tax Liability on Excess over Base 27 Tax on Taxable income before Dividends & LT Capital Gains 26 29 Taxes on Dividends & ZT Capital Gains 30 Dividend Income 37 LT Capital Gains Income 32 Total Dividend & LT Capital Gains Income 33 Tax on Dividends & LT Capital Gains Income 34 35 Total Federal Tax Liability 36 37 b. Calculation of Marginal Tax Rate 38 Marginal Tax Rate 39 WNIA NIA WNIA UNIA #NIA #N/A
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