eBook 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 $111,000 in salary. She received $15,500 of dividend income. . She received $3,200 of interest income on Home Depot bonds. . She received $21,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $8,300 She received $10,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,900. Mary only has allowable itemired deductions of $6,900, so she will take the standard deduction of $12,000 will be deducted from her gross income to determine her taxable income Assume that her tax rates are based on Table 3.5. a. What is Mary's federal tax liability Enter your answer as a positive value. Do not round intermediate calculations. Round your answer to the nearest cent. $ b. What is her marginal tax rate? Do not round intermediate calculations, Round your answer to one decimal place % c. What is her average tax rate? Do not round intermediate calculations. Round your answer to two decimal places Grade it Now Save & Continue MacBook 7 8 People Tab Window Help 100% ES Log X Be Cox Pes x Pee x TU my X Cor X Da: X Mir X 22 tabx ooks/bhfc10h/table3.5.jpg Table 3.5 2018 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $9,525 $9,525 - $38,700 $38,700 - $82,500 $82,500 - $157,500 $157,500 - $200,000 $200,000 - $500,000 Over $500,000 You Pay This Amount Plus This Percentage on Average Tax on the Base of the the Excess over the Base Rate at Top of Bracket (Marginal Rate) Bracket $0.00 10.0% 10.0% 952.50 12.0% 11.5% 4,453.50 22.0% 17.1% 14,089.50 24.0% 20.4% 32,089.50 22.8% 45,689.50 35.0% 30.1% 150,689.50 37.0% 37,096 32.0% Married couples Filing Joint Returns If Your Taxable Income is Up to $19,050 $19,050 - $77,400 $77.400 - $165,000 $165,000 - $315,000 $315,000 - $400,000 $400,000 - $600,000 Over $600,000 You Pay This Amount Plus This Percentage on Average Tax on the Base of the the Excess over the Base Rate at Top of Bracket (Marginal Rate) Bracket $0.00 10.0% 10.0% 1,905.00 12.0% 11.5% 8,907.00 22.0% 17.1% 28,179.00 24.0% 20.4% 64,179.00 32.0% 22.8% 91,379.00 35.0% 26.9% 161,379.00 37.0% 37.0% A 9 eBook 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 $111,000 in salary. She received $15,500 of dividend income. . She received $3,200 of interest income on Home Depot bonds. . She received $21,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $8,300 She received $10,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,900. Mary only has allowable itemired deductions of $6,900, so she will take the standard deduction of $12,000 will be deducted from her gross income to determine her taxable income Assume that her tax rates are based on Table 3.5. a. What is Mary's federal tax liability Enter your answer as a positive value. Do not round intermediate calculations. Round your answer to the nearest cent. $ b. What is her marginal tax rate? Do not round intermediate calculations, Round your answer to one decimal place % c. What is her average tax rate? Do not round intermediate calculations. Round your answer to two decimal places Grade it Now Save & Continue MacBook 7 8 People Tab Window Help 100% ES Log X Be Cox Pes x Pee x TU my X Cor X Da: X Mir X 22 tabx ooks/bhfc10h/table3.5.jpg Table 3.5 2018 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $9,525 $9,525 - $38,700 $38,700 - $82,500 $82,500 - $157,500 $157,500 - $200,000 $200,000 - $500,000 Over $500,000 You Pay This Amount Plus This Percentage on Average Tax on the Base of the the Excess over the Base Rate at Top of Bracket (Marginal Rate) Bracket $0.00 10.0% 10.0% 952.50 12.0% 11.5% 4,453.50 22.0% 17.1% 14,089.50 24.0% 20.4% 32,089.50 22.8% 45,689.50 35.0% 30.1% 150,689.50 37.0% 37,096 32.0% Married couples Filing Joint Returns If Your Taxable Income is Up to $19,050 $19,050 - $77,400 $77.400 - $165,000 $165,000 - $315,000 $315,000 - $400,000 $400,000 - $600,000 Over $600,000 You Pay This Amount Plus This Percentage on Average Tax on the Base of the the Excess over the Base Rate at Top of Bracket (Marginal Rate) Bracket $0.00 10.0% 10.0% 1,905.00 12.0% 11.5% 8,907.00 22.0% 17.1% 28,179.00 24.0% 20.4% 64,179.00 32.0% 22.8% 91,379.00 35.0% 26.9% 161,379.00 37.0% 37.0% A 9