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 $70,000 in salary She received $12,000 of dividend income She received $8,300 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 $11,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $5,700 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 What is Mary's federal tax liability Round your answer to the nearest cent Do not round intermediate calculations $ What is her marginal tax rate Round your answer to 1 decimal place What is her average tax rate Round your answer to 2 decimal places Table 3 5 2015 Individual Tax Rates Single Individuals You Pay This Amount on the Plus This Percentage on the Excess over the Base (Marginal Rate) 10 0 Average Tax If Your Taxable Income Is Up to $9,225 $9,225 S37,450 S37,450 $90,750 $90,750 $189,750 S189,750 $411,500 S411,500 S$413,200 Over $413,200 Rate at Top of Bracket 10 0 Base of the Bracket 0 922 50 5,156 25 18,481 25 46,075 25 119,401 25 15 0 13 8 25 0 20 4 28 0 24 3 33 0 29 0 35 0 29 0 119,996 25 39 6 39,6 Married Couples Filing Joint Returns You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Average Tax Rate at If Your Taxable Income Is Up to $18,450 si8,450 S74,900 Top of Bracket Base (Marginal Rate) 10 0 15 0 25 0 $ 1,845 00 10,312 50 0 10 0 13 8 $74,900 S151,200 $151,200 $230,450 $230,450 $411,500 S411,500 $464,850 Over $464,850 19 4 29,387 50 51,577 50 111,324 00 28 0 22 4 33 0 27 1 35 0 28 0 129,996 50 39 6 39 6

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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 $70,000 in salary.
She received $12,000 of dividend income.
She received $8,300 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 $11,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $5,700.
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. image text in transcribed

What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round intermediate calculations.

$
What is her marginal tax rate? Round your answer to 1 decimal place.

%
What is her average tax rate? Round your answer to 2 decimal places.

Table 3.5 2015 Individual Tax Rates Single Individuals You Pay This Amount on the Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% Average Tax If Your Taxable Income Is Up to $9,225 $9,225-S37,450 S37,450-$90,750 $90,750-$189,750 S189,750-$411,500 S411,500-S$413,200 Over $413,200 Rate at Top of Bracket 10.0% Base of the Bracket 0 922.50 5,156.25 18,481.25 46,075.25 119,401.25 15.0 13.8 25.0 20.4 28.0 24.3 33.0 29.0 35.0 29.0 119,996.25 39.6 39,6 Married Couples Filing Joint Returns You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Average Tax Rate at If Your Taxable Income Is Up to $18,450 si8,450-S74,900 Top of Bracket Base (Marginal Rate) 10.0% 15.0 25.0 $ 1,845.00 10,312.50 0 10.0% 13.8 $74,900-S151,200 $151,200-$230,450 $230,450-$411,500 S411,500-$464,850 Over $464,850 19.4 29,387.50 51,577.50 111,324.00 28.0 22.4 33.0 27.1 35.0 28.0 129,996.50 39.6 39.6