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Question - The Lindscomb family had the following income in 2015:
Salaries Mark $63,50
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 tax of $4,320 on their 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 marginal tax rates?
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