Question: work notes please. thanks PI:1-41 (book/static) Question Help O Jill and George are married and file a joint return. They expect to have $425,000 of
work notes please. thanks 

PI:1-41 (book/static) Question Help O 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 2019 tax rate schedule for the Married filing jointly filing status.) Read the requirements Requirement a. What is their marginal tax rate for purposes of making this decision? (Enter amounts as percentages to one decimal place.) 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? % % - Reference Married, Filing Joint and Surviving Spouse If taxable income is: The tax is: Not over $19,400 10% of taxable income. Over $19,400 but not over $78,950 $1,940.00 + 12% of the excess over $19,400. Over $78,950 but not over $168,400 . $9,086.00 + 22% of the excess over $78,950. Over $168,400 but not over $321,450 . $28,765.00 + 24% of the excess over $168,400. Over $321,450 but not over $408,200 . $65,497.00 + 32% of the excess over $321,450. Over $408,200 but not over $612,350 . $93,257.00 + 35% of the excess over $408,200. Over $612,350 $164,709.50 + 37% of the excess over $612,350
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
