Reference no: EM132976660

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 $81,000 in salary.
• She received $19,500 of dividend income.
• She received $8,500 of interest income on Home Depot bonds.
• She received $25,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,800.
• She received $9,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,200.
• 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.

Problem 1: What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round intermediate calculations.

Problem 2: What is her marginal tax rate? Round your answer to 1 decimal place.

Problem 3: What is her average tax rate? Round your answer to 2 decimal places.