## Answers

Solution: | ||

Taxable income of Mary Jarvis | ||

Salary | $88,000 | |

Dividend income | $11,000 | |

Interest Income | $6,900 | |

Gain from Disney stock ($23,000 - $6,000) | $17,000 | |

Gain from sale of Google stock ($10,500 - $5,200) | $5,300 | |

Less: exemptions and allowable deductions | ||

Exemptions | ($4,050) | |

Itemized deductions | ($7,500) | |

Total Taxable income | $116,650 | |

a. | Federal tax liability | |

= | $18,481.25 + ($116,650 - $90,750) * 28% | |

= | $25,733.25 | |

b. | Mary is single taxpayer covered under tax bracket | |

$18,481.25 + ($90,750 - $189,750 )* 28% | ||

So marginal tax rate is 28% | ||

c. | Average Tax rate | |

= | $25,733.25/$116,650 *100 | |

= | 22.06% | |

Please upvote , if found the answer useful. | ||

For any clarification, Feel free to reach at comment Section |

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