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Mary Jarvis is a single individual who is working on filling her tax return for the previous year. She has assembled the following relevant information:

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Mary Jarvis is a single individual who is working on filling her tax return for the previous year. She has assembled the following relevant information: . She recelved $84,000 in salary, She received $13,000 of dividend Income. . She received $7,800 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 $6,200. She received $15,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,700. Mary receives one exemption (54,000), 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 Excet Online Me below. Open the spreadsheet and perform the required analysis to answer the questions below. X 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 Table 3.5 2015 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $9,225 $9,225-S37,450 $37,450-$90,750 $90,750-$189.750 $189.750-S411,500 $411,500-S5413,200 Over $413,200 You Pay This Amount on the Base of the Bracket $ 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) 10.0% 15.0 25.0 28.0 33.0 35.0 39.6 Average Tax Rate at Top of Bracket 10.0% 13.8 20.4 24.3 29.0 29.0 39.6 Married Couples Filing Joint Returns If Your Taxable Income Is Up to $18.450 S18,450-$74.900 $74,900-S151,200 S151,200-S230.450 S230,450-5411,500 S411,500-$464,850 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 22.4 27.1 28.0 39.6

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