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 $105,000 in salary.
  • She received $13,000 of dividend income.
  • She received $6,400 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 $5,300.
  • She received $11,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $4,100.
  • 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.

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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.

   Assume that marginal tax rate is 28%

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