Question: Problem 1 - 4 0 ( LO 1 - 3 ) ( Algo ) Scot and Vidia, married taxpayers, earn $ 2 6 4 ,

Problem 1-40(LO 1-3)(Algo)
Scot and Vidia, married taxpayers, earn $264,000 in taxable income and $8,600 in interest from an
investment in City of Tampa 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 "Average tax rate" &
"Effective tax rate" to 2 decimal places)
Answer is complete but not entirely correct.
Problem 1-40(LO 1-3)(Algo) Scot and Vidia, married taxpayers, earn $264,000 in

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