Assuming the year in both the questions is 2019.
1. Federal Tax = $9,086 + 22% of ($150,000 - $78,950) = $9,086 + $15,631 = $24,717
Average tax rate = Federal Tax/Taxable Income = $24,717/$150,000
= 16.48%
Effective tax rate = Federal Tax/ Total Income = $24,717/($150,000
+ $40,000) = 13.01%
Marginal tax rate = 22%
2. Federal Tax = $28,765 + 24% of ($240,000 - $168,400) = $28,765 + $17,184 = $45,949
Average tax rate = Federal Tax/Taxable Income = $45,949/$240,000
= 19.15%
Effective Tax rate = Federal Tax/ Total Income = $45,949/($240,000
+ $5,000) = 18.75%
Marginal tax rate = 24%
Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an...
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Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Round your answers to 2 decimal places.)
Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Round your answers to 2 decimal places.)
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Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds (Use the U.S. tax rate schedule for married filing jointly). Required: o. If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $100,000 in deductions? For all requirements, round your answers to 2 decimal places.) Marginal...