Katarina, a single taxpayer, has total income from all sources of $100,000 for 2014. Her taxable income after taking into consideration $25,000 in deductions and $10,000 in exclusions is $65,000. Katarina's tax liability is $12,106. What are Katarina's marginal, average, and effective tax rates? 
Definitions:
Equipment Modifications
Changes or upgrades made to machinery or equipment to improve performance or efficiency.
Expansion Project
A business initiative aimed at increasing the scale of its operations, typically through new product lines or geographic markets.
Top-down Approach
Investment strategy that starts with global outlook and macroeconomic analysis before analyzing specific sectors and companies.
Operating Cash Flow
A measure of the amount of cash generated by a company's normal business operations.
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