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What is their marginal tax rate on this income

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Reference no: EM131820656

Question - Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule).

a. If Scot and Vidia earn an additional $70,000 of taxable income, what is their marginal tax rate on this income?

b. How would your answer differ if they, instead, had $70,000 of additional deductions?

Reference no: EM131820656

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