Excel Online Structured Activity: Personaltaxes Mary Jarvis is a single individual who isworking on filing her tax return for theprevious year. She has assembled thefollowing relevant information:-She received $108,000 in salary.-She received $17,500 of dividend income.-She received $7,000 of interest income onHome Depot bonds.-She received $24,500 from the sale of Disneystock that was purchased 2 years prior to thesale at a cost of $5,200.-She received $11,500 from the sale ofGoogle stock that was purchased 6 monthsprior to the sale at a cost of $5,700.-Mary receives one exemption ($4,000), andshe has allowable itemized deductions of$7,500. These amounts will be deducted fromher gross income to determine her taxableincome.What is Mary's federal tax liability? Roundyour answer to the nearest cent. Do notround intermediate calculations.$.What is her marginal tax rate? Round youranswer to 1 decimal place.What is her average tax rate? Round youranswer to 2 decimal places.-----%

Tax liability is the tax debt a business owes to the tax authorities and government.

What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round intermediate calculations. $____ What is her marginal tax rate? Round your answer to 1 decimal place. What is her average tax rate? Round your

What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round intermediate calculations. $____ What is her marginal tax rate? Round your answer to 1 decimal place. What is her average tax rate? Round your

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

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Question

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 $108,000 in salary.
-She received $17,500 of dividend income.
-She received $7,000 of interest income on
Home Depot bonds.
-She received $24,500 from the sale of Disney
stock that was purchased 2 years prior to the
sale at a cost of $5,200.
-She received $11,500 from the sale of
Google stock that was purchased 6 months
prior to the sale at a cost of $5,700.
-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.
What is Mary's federal tax liability? Round
your answer to the nearest cent. Do not
round intermediate calculations.
$.
What is her marginal tax rate? Round your
answer to 1 decimal place.
What is her average tax rate? Round your
answer to 2 decimal places.
-----%

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