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 $82,000 in salary, She received $18,500 of dividend income. She received $3,000 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 $6,800. She received $8,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,100. ⚫ 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 be X 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. %
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 $82,000 in salary, She received $18,500 of dividend income. She received $3,000 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 $6,800. She received $8,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,100. ⚫ 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 be X 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. %
Chapter4: Income Tax Withholding
Section: Chapter Questions
Problem 3SSQ
Related questions
Question
not use ai please
Transcribed Image Text: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 $82,000 in salary,
She received $18,500 of dividend income.
She received $3,000 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 $6,800.
She received $8,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,100.
⚫ 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 be
X
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.
%
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT