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PI:1-41 (similar to) Jillian and George are married and file a joint return. They expect to...

PI:1-41 (similar to) Jillian and George are married and file a joint return. They expect to have $ 420 comma 000 of taxable income in the next year and are considering whether to purchase a personal residence that would provide additional tax deductions of $ 126 comma 000 for mortgage interest and real estate taxes. LOADING... ​(Click the icon to view the 2018 tax rate schedule for the Married filing jointly filing​ status.) Read the requirementsLOADING.... Requirement a. What is their marginal tax rate for purposes of making this​ decision?​ (Enter amounts as percentages to one decimal​ place.)

What is the marginal tax rate if the personal residence is not purchased? %

What is the marginal tax rate if the personal residence is purchased? %

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Answer #1
House not purchased
$
Estimated tax income jointly 420000
Less: Standard Deduction -24000
396000
Tax rate @ 32% 126720
House purchased
$
Estimated tax income jointly 420000
Less: Standard Deduction -24000
396000
Less: Additional tax deductions -126000
270000
Tax rate @ 24% 64800

Please note: Tax rates have been extracted from the below link -

https://taxfoundation.org/2018-tax-brackets/

Also, above tax rates have been assumed at flat rate and not slab-wise.

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