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UAUE MINDIAP 2860 Ch 03: End-of-Chapter Problems - Financial Statements, Cash Flow, and Taxes Back to Assignment Attempts: Keep the Highest: /3 5. Problem 3.18 (Personal Taxes) 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 $135,000 in salary. She received $19,500 of dividend Income. She received $8,700 of Interest income on Home Depot bonds. She received $21,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $8,700 She received $9,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,700. Mary only has allowable itemized deductions of $6,700, 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 Continue without saving Table 3.5 2018 Individual Tax Rates Single Individuals You Pay This Amount Plus This Percentage on Average Tax If Your Taxable on the Base of the the Excess over the Base Rate at Top of Income is Bracket (Marginal Rate) Bracket Up to $9,525 $0.00 10.0% 10.0% $9,525 - $38,700 952.50 12.0% 11.5% $38,700 - $82,500 4,453.50 22.0% 17.1% $82,500 - $157,500 14,089.50 24.0% 20.4% $157,500 - $200,000 32,089.50 32.0% 22.8% $200,000 - $500,000 45,689.50 35.0% 30.1% Over $500,000 150,689.50 37.0% 37.0% Married couples Filing Joint Returns You Pay This Amount Plus This Percentage on Average Tax If Your Taxable on the Base of the the Excess over the Base Rate at Top of Income is Bracket (Marginal Rate) Bracket Up to $19,050 $0.00 10.096 10.0% $19,050 - $77,400 1,905.00 12.0% 11.5% $77.400 - $165,000 8,907.00 22.0% 17.1% $165,000 - $315,000 28.179.00 24.ON 20.4% $315,000 - $400,000 64,179.00 32.0% 22.8% $400,000 - $600,000 91,379.00 35.0% 26.99 Over $600,000 161,379.00 37.0% 37.0% c G Search or type URL