1 Personal taxes
2
3 Salary
A
B
C
D
E
F
$128,000.00
Tax Table for Single Individuals:
4
Dividend Income
5 Interest Income
6 LT Stock Sale
7 LT Stock Cost
8 ST Stock Sale
9 ST Stock Cost
10 Personal Exemption
11 Itemized Deductions
12 Apllicable Tax Rate on Dividends & LT Capital Gains
13
14 a. Calculation of Federal Tax Liability
15 Calculation of Taxable Income:
16 Salary
17 Interest Income
18 ST Capital Gains
19 Income before Exemption and Deductions
20 Personal Exemption
$15,000.00
$7,300.00
$24,500.00
$6,000.00
$13,000.00
$6,900.00
$4,000.00
$7,500.00
15.00%
$128,000.00
=B3
$7,300.00
=B5
$6,100.00
=B8-B9
$141,400.00
=B16+B17+B18
-$4,000.00 =-B10
Percentage
Amount Paid on Excess
Taxable Income
on Base
over Base
$0.00
$0.00
10.00%
$9,225.00
$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%
$411,500.00 $119,401.25 35.00%
$413,200.00 $119,996.25 39.60%
Formulas
21 Itemized Deductions
-$7,500.00 =-B11
22
Taxable Income before Dividends & LT Capital Gains
$129,900.00
=SUM(B19:B21)
23
24 Taxes on Taxable Income Before Dividends & LT Capital Gains:
25 Tax Liability on Base of Bracket
$18,481.25
=VLOOKUP(B22,D5:F11,2)
26 Tax Liability on Excess over Base
27 Tax on Taxable Income before Dividends & LT Capital Gains
28
29 Taxes on Dividends & LT Capital Gains:
30 Dividend Income
31 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
40 c. Calculation of Average Tax Rate
41 Average Tax Rate
42
43
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
