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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:
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 $121,000 in salary. - She received $17,000 of dividend income. - She received $6,200 of interest income on Home Depot bonds. - She received $24,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $8,000. - She received $14,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,600. 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. %
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