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 $$137,000$ in salary.

She received $$11,000$ of dividend income.

She received $$6,400$ 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 $$12,000$ from the sale of Google stock that was purchased $6$ months prior to the sale at a cost of $$4,400.$

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 $3\mathrm{.}5.$ 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.

Open spreadsheet

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.

$\%$