Jorge and Anita, married taxpayers, earn $96,500 in taxable income and $77,500 in interest from...
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Accounting
Jorge and Anita, married taxpayers, earn $96,500 in taxable income and $77,500 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? (Do not round intermediate calculations. Round your answers to 2 decimal places.)
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
If taxable income is over:
But not over:
The tax is:
$ 0
$ 19,750
10% of taxable income
$ 19,750
$ 80,250
$1,975 plus 12% of the excess over $19,750
$ 80,250
$171,050
$9,235 plus 22% of the excess over $80,250
$171,050
$326,600
$29,211 plus 24% of the excess over $171,050
$326,600
$414,700
$66,543 plus 32% of the excess over $326,600
$414,700
$622,050
$94,735 plus 35% of the excess over $414,700
$622,050
$167,307.50 plus 37% of the excess over $622,050
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