Tina Muzinga 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 $27,000 from the sale of Disney stock that was purchased 3 years prior to the sale at a cost of $10,000. She received $55,000 in salary. She received $8,000 of dividend income. She received $7,000 of interest income on Manda bonds. She received $11,000 from the sale of Google stock that was purchased 9 months prior to the sale at a cost of $7,000. Mary receives one exemption ($3,900), and she has allowable itemized deductions of $7,000. These amounts will be deducted from her gross income to determine her taxable income. 

What is Tina's federal tax liability?

What is her marginal tax rate? 

What is her average tax rate?

Answer rating: 100% (QA)

Tinas federal tax liability is estimated to be 1369500 her marg... View the full answer