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 $114,000 in salary. - She received $15,000 of dividend income. - She received $5,600 of interest income on Home Depot bonds. - She received $23,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $7,000. - She received $10,500 from the sale of Google stock that was purchased 6 months prior to the saie at a cost of $5,400. - 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 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 3.52015 Individual Tax Rates Single Individuals Married Couples Filing Joint Returns 1 Personal taxes A B C D 7. Salary $114,00000 Tax Table for Single Individuals: 4 Dividend income 5 interest income 6. LT Stock Sale 7 LT Stock Cost R ST Stock Salo S ST Stock Cost in Personal Exemption 11 themized Deductions 1 A Allicable Tax Rate on Dividends \& LT Caphal Gains 13. 14 a. Calculation of Federal Tax Liability Calculation of Taxable income: Salary Interest income ST Captal Gains Income before Exemption and Deductions Personal Exemption Itemized Deductions Taxable income before Dividends \& LT Capital Gains Taxes on Taxable income Before Dividends \& LT Capial Cains. Tax Liability on Base of Bracket Tax Liability on Excess over Base Tax on Taxable incorne before Dvidends \& LT Capital Gains 29 Taxes on Diviends \& LT Caplal Gains: in Dividend Income 31. LT Capital Gains income 2. Total Dividend \& LT Capital Gains income 33. Tax on Dividends \& LT Capilal Gains income 74 25 Total Federal Tax Liabily 36 37 b. Calculation of Marginal Tax Rate 38. Marpinal Tax Rate 39 40 c. Calculation of Average Tax Rate 41 Average Tax Rate 42 47 44 45 46 . 47 48