Posted: February 26th, 2023

Finance nerds only please.

 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 $95,000 in salary.
  • She received $16,000 of dividend income.
  • She received $5,200 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 $14,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $4,000.
  • 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.*~hmac=3543ae73b924aee11f85e9d5ba160eef959bdb8f09815e0d4ff1f59b2d098f22
a)  What is Mary’s federal tax liability?  

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