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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 $128,000 in salary.
  • She received $18,500 of dividend income.
  • She received $7,300 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 $5,400.
  • She received $11,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,500.
  • 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.

Up to $9,225 you pay 0, plus 10% on the excess over the base (Marginal rate), Average top rate of the bracket is 10% $9.225-$37.450, you pay 922.50, plus 15% on the excess over the base (Marginal rate), Average top rate of the bracket is 13.8%. $37.450-$90.750, you pay 5156.25, plus 25% on the excess over the base (Marginal rate), Average top rate of the bracket is 20.4% $90.750-$189.750, you pay 18,481.25, plus 28% on the excess over the base (Marginal rate), Average top rate of the bracket is 24.3%. S189,750-$411,500, you pay 46,075.25, plus 33% on the excess over the base (Marginal rate), Average top rate of the bracket is 29% $411.500-$413.200, you pay 119.401.25, plus 35% on the excess over the base (Marginal rate), Average top rate of the bracket is 29% Over $413,200, you pay 119.996.25, plus 39.6% on the excess over the base (Marginal rate), Average top rate of the bracket is 39.6%

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.

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