Scot and Vidia, married taxpayers, earn $241, 900 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: If Scot and Vidia earn an additional $81,900 of taxable income, what is their marginal tax rate on this income?What is their marginal tax rate if, instead, they report an additional $81, 900 in deductions?Note: For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.
Scot and Vidia, married taxpayers, earn $241, 900 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: If Scot and Vidia earn an additional $81,900 of taxable income, what is their marginal tax rate on this income?What is their marginal tax rate if, instead, they report an additional $81, 900 in deductions?Note: For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.
Chapter7: Tax Credits
Section: Chapter Questions
Problem 14MCQ
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Transcribed Image Text:Scot and Vidia, married taxpayers, earn $241, 900 in taxable income and $5,000 in interest
from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule for married filing
jointly). Required: If Scot and Vidia earn an additional $81,900 of taxable income, what is their
marginal tax rate on this income?What is their marginal tax rate if, instead, they report an
additional $81, 900 in deductions?Note: For all requirements, do not round intermediate
calculations. Round your answers to 2 decimal places.
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