Jorge and Anita, married taxpayers, earn $45,000 in taxable income and $37,500 in interest from an...

 

 

 

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Jorge and Anita, married taxpayers, earn $45,000 in taxable income and $37,500 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.) Federal tax Average tax rate Effective tax rate Marginal tax rate $5,019.00 % % % If taxable income is over: $0 $ 19,050 $ 77,400 $165,000 $315,000 $400,000 $600,000 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) But not over: $ 19,050 $ 77,400 $165,000 $315,000 $400,000 $600,000 The tax is: 10% of taxable income $1.905 plus 12% of the excess over $19,050 $8.907 plus 22% of the excess over $77,400 $28,179 plus 24% of the excess over $165,000 $64,179 plus 32% of the excess over $315,000 $91,379 plus 35% of the excess over $400,000 $161,379 plus 37% of the excess over $600,000 Jorge and Anita, married taxpayers, earn $45,000 in taxable income and $37,500 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.) Federal tax Average tax rate Effective tax rate Marginal tax rate $5,019.00 % % % If taxable income is over: $0 $ 19,050 $ 77,400 $165,000 $315,000 $400,000 $600,000 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) But not over: $ 19,050 $ 77,400 $165,000 $315,000 $400,000 $600,000 The tax is: 10% of taxable income $1.905 plus 12% of the excess over $19,050 $8.907 plus 22% of the excess over $77,400 $28,179 plus 24% of the excess over $165,000 $64,179 plus 32% of the excess over $315,000 $91,379 plus 35% of the excess over $400,000 $161,379 plus 37% of the excess over $600,000

Answer rating: 100% (QA)

Federal Tax 5019 Average tax rate 1115 Effective tax rate 608 Marg... View the full answer