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 $109,000 in salary She received $15,000 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 $5,700 She received $14,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,000 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 Open spreadsheet What is Mary's federal tax liability Round your answer to the nearest cent Do not round intermediate calculations $ fill in the blank What is her marginal tax rate Round your answer to 1 decimal place fill in the blank What is her average tax rate Round your answer to 2 decimal places fill in the blank Table 3 5 2015 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $9,225 $9,225 537,450 $37,450 $90,750 $90,750 $189,750 $189,750 S411,500 S411,500 $5413,200 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 You Pay This If Your Taxable Amount on the Income Is Base of the Bracket Up to $18,450 $ 0 $18,450 $74,900 1,845 00 $74,900 S151,200 10,312 50 $151,200 $230,450 29,387 50 $230,450 $411,500 51,577 50 $411,500 $464,850 111,324 00 Over $464,850 129,996 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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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 $109,000 in salary.
She received $15,000 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 $5,700.
She received $14,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,000.
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.

Open spreadsheet

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

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

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

fill in the blank %

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Table 3.5 2015 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $9,225 $9,225-537,450 $37,450-$90,750 $90,750-$189,750 $189,750-S411,500 S411,500-$5413,200 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 You Pay This If Your Taxable Amount on the Income Is Base of the Bracket Up to $18,450 $ 0 $18,450-$74,900 1,845.00 $74,900-S151,200 10,312.50 $151,200-$230,450 29,387.50 $230,450-$411,500 51,577.50 $411,500-$464,850 111,324.00 Over $464,850 129,996.50 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