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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 $139,000 in salary. She received $14,000 of dividend income. She received $3,500 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 $6,900. She received $12,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,600. 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. ppen spreadsheet a. What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round intermediate calculations. 162,000.00 b. What is her marginal tax rate? Round your answer to 1 decimal place. 28 % c. What is her average tax rate? Round your answer to 2 decimal places 22.36 % Format Painter B IC ab $ - % 48.48 conditional Format Cell Formatting as Table Styles Undo Font Alignment Number Tables Clipboard fo B16 A B D Personal taxes N 3 Salary Tax Table for Single Individuals: Taxable income 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 $14,000.00 $3,500.00 $21,500.00 $6,900.00 $12,000.00 $7 600 00 $4 000.00 $7,500.00 15.00% Amount Paid on Base $0.00 $0.00 $9,225.00 $922 50 $37 450 00 $5,156.25 $90.750.00 $18, 48125 $189,750.00 $46,075 25 $411 500.00 $119.401 25 $413.200.00 $119.996.25 Percentage on Excess over Base 10.00% 15.00% 25.00% 28.00% 33.00% 35.00% 39.60% 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 21 Itemized Deductions 22 Taxable income before Dividends RIT Capital Gains Formulas #N/A #N/A #N/A #N/A #N/A . #N/A Sheet1 Table 3.5 2015 Individual Tax Rates Single Individuals TrYour Taxable Income Is Up to $9.225 59.225-537,450 $37,450-590.750 590,750-$189.750 S189,750-S411.500 S411,500-SS413.200 Over $413,200 You Pay This Amount on the Base of the Bracket S 0 922.50 5.156.25 18,481.25 46,075.25 119.401.25 119.996.25 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.09. 15.0 25.0 28.0 33.0 35.0 39.6 Average Tax Rates Top of Bracket 10.0% 13.8 20.4 24 29.0 29.0 39.6 Married couples Filing Joint Returns If Your Taxable Income is Up to $18,450 $18,450-$74,900 $74.900-S151,200 S151,200-5230,450 $230,450-5411,500 S411,500-5464,850 Over S464,850 You Pay This Amount on the Base of the Bracket S 0 1,845,00 10,312.50 29,387.50 51,577.50 111,324.00 129,996.50 Plus This Percentage on the Excess over the Base (Marginal Rate 10.0% 15.0 25.0 28.0 33.0 35.0 39.6 Average Tax Rate at Top of Bracket 10.0% 13.8 19.4 27.1 28.0 39.6