The Lindscomb family had the following income in 2012:

Salaries: Mark..........$63,500

Ashley............. 57,900

Interest on investments:

IBM bonds............ $ 4,750

New York City bond...... 1,400

Savings account......... 2,600

The family made home mortgage payments that included interest of $16,480, and paid real estate (property) tax of $4,320 on the home. They also paid state income tax of $5,860 and donated $1,250 to well-known charities. The Lindscombs have three dependent children.

a. Calculate the family’s federally taxable income.

b. What is their tax liability assuming they file jointly as a married couple

c. What are their average and marginal tax rates?