please do not provide solution in image format thank you! ### Income and Taxation Scenario Analysis**Mary's Financial Details for the Previous Year:**- Salary received: $139,000- Dividend income received: $15,000- Interest income from Home Depot bonds: $5,700- Income from the sale of Disney stock: - Received: $24,000 - Cost basis: $9,800 (purchased 2 years prior)- Income from the sale of Google stock: - Received: $11,500 - Cost basis: $4,900 (purchased 6 months prior)Mary qualifies for the standard deduction of $12,400. Itemized deductions are not used because they total $4,900, which is less than the standard deduction. The standard deduction is subtracted from her gross income to determine her taxable income.Assume her tax rates are based on **Table 3.5**.### Questions:1. **Mary's Federal Tax Liability:** - Enter your answer as a positive value. - Do not round intermediate calculations. - Round your answer to the nearest cent. - **Answer Field:** \$ __________2. **Mary's Marginal Tax Rate:** - Do not round intermediate calculations. - Round your answer to one decimal place. - **Answer Field:** __________ %3. **Mary's Average Tax Rate:** - Do not round intermediate calculations. - Round your answer to two decimal places. - **Answer Field:** __________ %**Note:** This exercise appears to lack the specific tax rate table (Table 3.5), which is necessary to compute the exact amounts. For educational purposes, you would typically use a tax calculator or refer to the relevant tax rate tables provided in the instructional material. ### 2020 Federal Income Tax Brackets and Rates for Single and Married Couples Filing Joint ReturnsThis table provides the Federal Income Tax brackets for the year 2020, which are utilized for tax returns due by April 15, 2021.#### Single Taxpayers| If Your Taxable Income Is | You Pay This Amount on the Base of the Bracket | Plus This Percentage on the Excess over the Base (Marginal Rate) | Average Tax Rate at Top of Bracket ||---------------------------|-----------------------------------------------|--------------------------------------------------------|-----------------------------------|| Up to $9,875 | $0.00 | 10.0% | 10.0% || $9,875–$40,125 | $987.50 | 12.0% | 11.5% || $40,125–$85,525 | $4,617.50 | 22.0% | 17.1% || $85,525–$163,300 | $14,605.50 | 24.0% | 20.4% || $163,300–$207,350 | $33,271.50 | 32.0% | 22.8% || $207,350–$518,400 | $47,367.50 | 35.0% | 30.1% || Over $518,400 | $156,235.00 | 37.0% | 37.0% |#### Married Couples Filing Joint Returns| If Your Taxable Income Is | You Pay This Amount on the Base of the Bracket | Plus This Percentage on the Excess over the Base (Marginal Rate) | Average Tax Rate at Top of Bracket ||---------------------------|-----------------------------------------------|--------------------------------------------------------|-----------------------------------|| Up to $19,750 | $0.00 | 10.0% | 10.0% || $19,750–$80,250 | $1,975.00 | 12.0% | 11.5% || $80,250–$171,050 | $9,235.00 | 22.0% | 17.1%

The tax liability refers to the income tax payable by the taxpayers on the taxable income. The tax…

She received $139,000 in salary. She received $15,000 of dividend income. She received $5,700 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 $9,500. She received $11,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $4,900. • Mary only has allowable itemized deductions of $4,900, so she will take the standard deduction of $12,400. The standard deduction is subtract from her gross income to determine her taxable income. Assume that her tax rates are based on Table 3.5. O a. What is Mary's federal tax liability? Enter your answer as a positive value. Do not round intermediate calculations. Round your answer to th nearest cent. $ b. What is her marginal tax rate? Do not round intermediate calculations. Round your answer to one decimal place. c. What is her average tax rate? Do not round intermediate calculations. Round your answer to two decimal places.

She received $139,000 in salary. She received $15,000 of dividend income. She received $5,700 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 $9,500. She received $11,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $4,900. • Mary only has allowable itemized deductions of $4,900, so she will take the standard deduction of $12,400. The standard deduction is subtract from her gross income to determine her taxable income. Assume that her tax rates are based on Table 3.5. O a. What is Mary's federal tax liability? Enter your answer as a positive value. Do not round intermediate calculations. Round your answer to th nearest cent. $ b. What is her marginal tax rate? Do not round intermediate calculations. Round your answer to one decimal place. c. What is her average tax rate? Do not round intermediate calculations. Round your answer to two decimal places.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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