Jorge and Anita, married taxpayers, earn $158,500 in taxable income and $48,500 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly).**Required:****a.** If Jorge and Anita earn an additional $108,500 of taxable income, what is their marginal tax rate on this income?**b.** What is their marginal rate if, instead, they report an additional $108,500 in deductions?*(For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.)*| | ||-------------------|------|| a. Marginal tax rate | % || b. Marginal tax rate | % |There is no graphical or diagrammatic element present in the text provided. The task primarily involves calculating and identifying marginal tax rates based on additional taxable income and deductions for a married couple filing jointly under the U.S. tax code.

Answer:- Marginal tax rate:- Each tax bracket of a taxpayer's income or other taxable income that…

Answered: Jorge and Anita, married taxpayers,…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter3: Computing The Tax

Section: Chapter Questions

Problem 37P

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es 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: a. 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.) a. Marginal tax rate b. Marginal tax rate % %
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