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1. What is Marys federal tax liability? 2. What is her marginal tax rate? 3. What is her average tax rate? . . 18. Personal
1. What is Marys federal tax liability?
2. What is her marginal tax rate?
3. What is her average tax rate?
. . 18. 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 $12,000 of dividend income. She received $5,000 of interest income on Home Depot bonds. She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $9,000. She received $10,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,500. Mary receives one exemption ($3,950), and she has allowable itemized deductions of $7,500. These amounts will be deducted from her gross income to determine her taxable incomeStep by Step Solution
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