10:20 chegg.com 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 $70,000 in salary. She received $12,000 of dividend income . She received $8,300 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 $6,500 . 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. 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. Table 3.5 2015 Individual Tax Rates Single Individuals You Pay This Amount on the Base of the Bracket Plus This Pe on the Exces BassMarg 10.07 150 If Your Taxable Income Is Up to $9.225 $9,225-537,450 $37.450-590.750 590,750-$189,750 $189.750-S411.500 S411.500-S5413.200 Over $413,200 25.0 28.0 92250 5.156.25 18.481.25 46,075.25 119.401.25 119.996.25 Married Couples Filing Joint Returns Plus This Pe on the Exces Rase Mang ir Your Taxable Income Is Up to $18,450 S18,450-574,900 $74,900-S151,200 S151,200-$230,450 $230,450-S411,500 5411 00-5464 850 You Pay This Amount on the Base of the Bracket 0 1.845.00 10,312.50 29,387.50 51.577.50 15.0 25.0 28.0 330 260 10:20 7 chegg.com Open the spreadsheet and perform the required analysis to answer the questions below. Table 3.5 2015 Individual Tax Rates Single Individuals You Pay This Amount on the Base of the Bracket If Your Taxable Income Is Up to $9,225 $9.225-537,450 537,450-590,750 590,750-$189,750 $189,750-S411,500 S411.500-S5413,200 Over $413,200 Plus This Pe on the Exces BassMap 100 15.0 250 20 92250 5.156.25 18.481.25 46,075.25 119,401.25 119.996.25 330 35.0 39.6 Married Couples Filing Joint Returns You Pay This Amount on the Base of the Bracket If Your Taxable Income Is Up to $18.450 S18.450-574,900 $74,900-S151,200 SI51,200-5230.450 $230,450-S411,500 5411,500-S464,850 Over $464,850 1.845.00 10.312.50 29.387.50 51,577.50 111.324.00 129.996,50 Plus This Pe on the Exces Base (Mand 10.07 15.0 25.0 28.0 33.0 35.0 39.6 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 Show transcribed image text 10:20 chegg.com 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 $70,000 in salary. She received $12,000 of dividend income . She received $8,300 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 $6,500 . 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. 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. Table 3.5 2015 Individual Tax Rates Single Individuals You Pay This Amount on the Base of the Bracket Plus This Pe on the Exces BassMarg 10.07 150 If Your Taxable Income Is Up to $9.225 $9,225-537,450 $37.450-590.750 590,750-$189,750 $189.750-S411.500 S411.500-S5413.200 Over $413,200 25.0 28.0 92250 5.156.25 18.481.25 46,075.25 119.401.25 119.996.25 Married Couples Filing Joint Returns Plus This Pe on the Exces Rase Mang ir Your Taxable Income Is Up to $18,450 S18,450-574,900 $74,900-S151,200 S151,200-$230,450 $230,450-S411,500 5411 00-5464 850 You Pay This Amount on the Base of the Bracket 0 1.845.00 10,312.50 29,387.50 51.577.50 15.0 25.0 28.0 330 260 10:20 7 chegg.com Open the spreadsheet and perform the required analysis to answer the questions below. Table 3.5 2015 Individual Tax Rates Single Individuals You Pay This Amount on the Base of the Bracket If Your Taxable Income Is Up to $9,225 $9.225-537,450 537,450-590,750 590,750-$189,750 $189,750-S411,500 S411.500-S5413,200 Over $413,200 Plus This Pe on the Exces BassMap 100 15.0 250 20 92250 5.156.25 18.481.25 46,075.25 119,401.25 119.996.25 330 35.0 39.6 Married Couples Filing Joint Returns You Pay This Amount on the Base of the Bracket If Your Taxable Income Is Up to $18.450 S18.450-574,900 $74,900-S151,200 SI51,200-5230.450 $230,450-S411,500 5411,500-S464,850 Over $464,850 1.845.00 10.312.50 29.387.50 51,577.50 111.324.00 129.996,50 Plus This Pe on the Exces Base (Mand 10.07 15.0 25.0 28.0 33.0 35.0 39.6 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 Show transcribed image text