Question: I need help with requirement B, please show all work I need to understand this Jill and George are married and file a joint return.

I need help with requirement B, please show all work I needI need help with requirement B, please show all work I need to understand this

Jill and George are married and file a joint return. They expect to have $425,000 of taxable income in the next year and are considering whether to purchase a personal residence that would provide additional tax deductions of $40,000 for mortgage interest and real estate taxes. (Click the icon to view the 2020 tax rate schedule for the Married filing jointly filing status.) Reference X Read the requirements. Requirement a. What is their marginal tax rate for purposes of making this decision? (Enter amounts as percentages to one de Married, Filing Joint and Surviving Spouse 35 % If taxable income is: The tax is: What is the marginal tax rate if the personal residence is not purchased? What is the marginal tax rate if the personal residence is purchased? 32 % Requirement b. What is the tax savings if the residence is acquired? (Do not round intermediary calculations. Only round the a Tax without purchase of personal residence Not over $19,750.. 10% of taxable income. Over $19,750 but not over $80,250... $1,975.00 + 12% of the excess over $19,750. Over $80,250 but not over $171,050.. $9,235.00 + 22% of the excess over $80,250. Over $171,050 but not over $326,600. $29,211.00 + 24% of the excess over $171,050. Over $326,600 but not over $414,700.$66,543.00 + 32% of the excess over $326,600. Over $414,700 but not over $622,050. $94,735.00 + 35% of the excess over $414,700. Over $622,050... . $167,307.50 + 37% of the excess over $622,050. Tax with purchase of personal residence Tax savings Print Done

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