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: 1. She received $78,000 in salary. She received $18,500 of dividend income. She received $8,800 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 $5,200. She received $14,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $5,900. 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. Check My Work % Reset Problem

- She recelved 5 t 8,500 of divilect ksame - She recelved 5 t 8,500 of divilect ksame \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline & & & & & & & \\ \hline 3 & Seliny & $78.000.00 & Tax Tabto for Sing & to indlubunits: & & & \\ \hline 4 & Dividend income & $18,500.00 & & Taxuble income & & \begin{tabular}{c} Amount Paid \\ on Base \end{tabular} & \begin{tabular}{l} Percontages \\ on Excess \\ over Base \end{tabular} \\ \hline 5 & Intereat incorse & 58,80000 & & & 50.00 & $0.00 & 1000% \\ \hline 6 & LT Slock Sole & $24,000.00 & & & $9.225.00 & $922.50 & 1500% \\ \hline 7 & LT Stock Cont & $5.200.00 & & & $37,450,00 & $5,156.25 & 2500% \\ \hline 8 & ST Stock Salp & $14.500.00 & & & $90.750.00 & $18,48125 & 2800% \\ \hline 9 & ST Srock Coet & $5,90000 & & & $189.750.00 & $46.075.25 & 3300% \\ \hline 10 & Personal Exemption & $400000 & & & $411,500,00 & $110.401.25 & 3500% \\ \hline 11 & Enemized Deductions & $7,50000 & & & $413.20000 & $119,996.25 & 39.60% \\ \hline 12 & Aplicatile Tax Rale on Dividends \& LT Cesplal Gaine & 1500% & & & & & \\ \hline 13 & & & & & & & \\ \hline 14 & a. Covioulation of Fedoral Tix Lublitly & & & & & & \\ \hline is & Calculation of Theable income: & & & Fomulan & & & \\ \hline 36 & Salary & 578,000.00 & r & ind & & & \\ \hline 17 & Intersot income & $8.800.00 & r & INA & & & \\ \hline 18 & ST Capotal Gains & & r & and & & & \\ \hline 19 & Insome belore Exemplian end Deductions & & r & NA & & & \\ \hline 20 & Personal Fremotion. & & r & WNA & & & \\ \hline 21 & Hamued Deductions & & r & INA & & & \\ \hline 22 & Tixable hoome before Dividendi s LT Capital Gans & & r & MNA & & & \\ \hline 23 & & & & & & & \\ \hline 24 & & & & & & & \\ \hline 3 & Tax Lablity on Buse of Bracket & & 8 & WNa & & & \\ \hline 26 & Tax Liablity on Excess over Base & & & ineA & & & \\ \hline \begin{tabular}{l} 27 \\ 28 \end{tabular} & Tax on Toxabie income before Divisende S LT Captal Oains & & r & MNA & & & \\ \hline 29 & Taree on Dovidends \& LT Copital Gaine: & & & & & & \\ \hline 32 & Dividend lincome & & r & mina & & & \\ \hline 31 & IT Capital Gains hoome & & y & min & & & \\ \hline 32 & Total Ondend \& LT Capital Gains heome & & r & men & & & \\ \hline 33 & Tex on Dividends \& LT Captal Geins income & & r. & /A & & & \\ \hline 34. & & & & & & & \\ \hline is & Total Federal Tox Liability. & & & & & & \\ \hline3736 & b. Caiculation of Marginal Tax Riris & & & 4 & & & \\ \hline 38. & Marginal Tax Rate & & r & & & & \\ \hline 39 & & & & & & & \\ \hline 40 & c. Calavinon of Average Tax Rate & & & & & & \\ \hline 41 & Averoge Tax Rime & & r. & min & & & \\ \hline 42 & & & & & & & \\ \hline 63 & & & & & & & \\ \hline 44 & & & & & thetet & & \\ \hline \end{tabular} Table 3.52015 Individual Tax Rates Single Individuals Married Couples Filing Joint Returns