Jorge and Anita, married taxpayers, earn $140,500 in taxable income and $46,000 in interest from...
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Jorge and Anita, married taxpayers, earn $140,500 in taxable income and $46,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: If Jorge and Anita earn an additional $103,000 of taxable income, what is their marginal tax rate on this income? What is their marginal rate if, instead, they report an additional $103,000 in deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.)
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