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What is their marginal tax rate

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Question - Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $27,750. Their total income from wages is $224,400. Assume the following tax table is applicable:

Married Couples Filing Joint Returns

If Your Taxable Income Is

You Pay This Amount on the Base of the Bracket

Plus This Percentage on the Excess over the Base

Average Tax Rate at Top of Bracket

Up to $19,750

$0.00

10.0%

10.0%

$19,750-$80,250

1,975.00

12.0

11.5

$80,250-$171,050

9,235.00

22.0

17.1

$171,050-$326,600

29,211.00

24.0

20.4

$326,600-$414,700

66,543.00

32.0

22.8

$414,700-$622,050

94,735.00

35.0

26.9

Over $622,050

167,307.50

37.0

37.0

Required - What is their marginal tax rate?

Reference no: EM133189744

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