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HW CH16 Saved Help Save & Exit Submit Jorge and Anita, married taxpayers, earn $40,000 in taxable income and $22.500 in interest from an investment in City of Heflin nds. 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? (Do not round intermediate calc answers to 2 decimal places) Federal tax Average tax rate Emective tax rate Marginal tax rate points References
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Assuming no child deduction is applicable interest on investment in city of Heflin Bonds is not taxable Taxable income Interest on investmen Total Income 40000 22500 62500 Less interest income 22500 Taxable income Standard deduction24000 16000 0-19050 1096 1600 Fedral Tax 1600 Average tax rate Tax/ taxable income Effective rate 2.56% tax/total income Marginal rate 10.00%

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